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Singapore - Australia Free Trade Agreement

Area of Cooperation

Goods (No provisions for coverage of agricultural goods) Services (Financial and Telecommunications) Government Procurement, Investment, Competition Policy, Intellectual Property, Dispute Settlement, Trade Facilitation, Labor Mobility, Labor and Environment

Sign Date

January 1, 2003

In Force Date

December 31, 1969

Summary

The Singapore – Australia Free Trade Agreement was signed in 2002 after 10 rounds of meetings and negotiations.  SAFTA will be the first bilateral free trade agreement the Australia has entered into, as the last one was in 1983 with New Zealand.  According to the agreement, all tariffs will be eliminated, Australian exporters will gain more market access and the market will be more open and predictable.  Investors from Singapore will have more opportunities to invest in   Australia.  The customs procedures will be improved and Singapore will have access to the Australian workforce.  The FTA will not only benefit the economies of both countries but the service industry as well.

http://www.fta.gov.sg/fta/pdf/FTA_SAFTA_Agreement.pdf

Scope

                                                               i.      Bilateral

 
Rules of Origin

                                                               i.      Change in tariff classification is not an option

                                                             ii.      Value added content, minimum 50% (some products as low as 30%)

                                                            iii.      No specific manufacturing process necessary

 
Contingency

                                                               i.         Anti - Dumping : Within WTO rules. Detailed process to initiate measures.

                                                             ii.         Countervailing Duties : Within WTO rules.

                                                            iii.         Safeguards : Not allowed.

 
News/Studies

                                                               i.      “S’pore- Australia FTA can be updated to ‘gold standard’: PM Lee”                                    http://www.channelnewsasia.com/stories/singaporelocalnews/view/214187/1/.html

                                                             ii.      Singapore seeks open skies review in FTA”              http://www.smh.com.au/news/Business/Singapore-seeks-open-skies-review-in-FTA/2006/05/30/1148754962287.html

                                                            iii.      “Singapore-Australia Free Trade Agreement- Consultations with Australian States and Industry”                http://www.trademinister.gov.au/parlsec/mediareleases/dkt02_06.html

                                                           iv.      “The Costs and Benefits of a Free Trade Agreement with Singapore                                     http://www.dfat.gov.au/trade/negotiations/aussing_fta_cost_benefit_study.html

 
Additional Links

                                                               i.      http://mba.tuck.dartmouth.edu/cib/trade_agreements_db/archive/Singapore-Australia.pdf

                                                             ii.      INSIS  Facilitating Global Business   http://www.insis.com/Web/main.aspx?ID=287cf9f8-064f-4654-a714-a48f5e8b0c7b,