Singapore is one of the world’s most prosperous countries. It is Australia’s largest trade and investment partner in Southeast Asia.
The Singapore-Australia Free Trade Agreement (SAFTA) came into effect in July 2003. It is a comprehensive agreement. It gives Australia outcomes that go deeper and further than the World Trade Organisation (WTO) in relation to trade in services, intellectual property, investment and competition policy.
On 13 October 2016, the Australian and Singaporean trade ministers signed the Agreement to Amend SAFTA. It formalised the trade outcomes announced on 6 May 2016. This was done under the auspices of the Australia-Singapore Comprehensive Strategic Partnership (CSP).
SAFTA:
With Singapore a free port, the main focus of SAFTA is in guaranteeing liberal access conditions for many Australian service suppliers. This includes, for example, exporters of legal, financial and educational services.
SAFTA provides a more open and predictable business environment across a range of areas. This includes:
Before entering the Singapore business market there are a number of factors to take into account. This includes culture, politics and business etiquette.
Through a range of in-market and Australian-based services, Austrade can help Australian companies:
To learn more about visas, tax requirements, priority business and product sectors visit Doing business in Singapore.
For detailed information, visit the SAFTA page on the Department of Foreign Affairs and Trade website.
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