Free Trade Agreement Between Australia And Singapore

SAFTA has also been updated to establish a comprehensive schedule of product-specific rules of origin to simplify management and reduce compliance costs for distributors under the agreement. This update is much simpler than the original 50 percent content rule used in SAFTA, which means that 50 percent of the value of the products must be added either in Australia or Singapore to get preferential treatment. This method of rules of origin was very complex and required a detailed assessment of production costs and sources of production. This method was also very costly for businesses, as it often required sophisticated accounting systems and the ability to solve complex accounting issues. The updates not only make bilateral trade more efficient and cost-cutting, but they are also aligned with the rules of origin of the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA). Turnbull`s government has submitted a comprehensive update of Australia`s second oldest free trade agreement, providing significant opportunities for Australian service providers. Today, with my Singaporean counterpart Lim Hng Kiang, I signed an agreement amending the Singapore-Australia Free Trade Agreement (SAFTA). This agreement is an important part of Australia`s overall strategic partnership with Singapore. The Singapore-Australia Free Trade Agreement (SAFTA) was signed on 17 February 2003 and provides for duty-free importation of Singapore products into Australia. Singapore is Australia`s largest trading partner in Southeast Asia and the Singapore-Australia Free Trade Agreement (SAFTA) has made much of that success.

SAFTA has not only abolished tariffs, but has also improved market access for Australia`s major exports in sectors such as education, green technologies and telecommunications. October 13, 2016 Hon Steven Ciobo MP, Minister of Trade, Tourism and Investment, and his Singaporean counterpart Lim Hng Kiang, Minister for Trade and Investment, in Canberra, the agreement amending the SAFTA, which formalizes the trade results announced on 6 May 2016 by Prime Minister Turnbull and his Singaporean counterpart, Prime Minister Lee, under the auspices of the Australia-Singapore Comprehensive Strategic Partnership (CSP). SAFTA updates have had a significant impact on product exports, including spirit drinks and health and cosmetic products, as well as exporters of medical/cosmetics and cosmetics products. All Australian and Singaporean products have been duty-free since the introduction of SAFTA, but recent changes have allowed distributors in both countries to receive preferential treatment under the agreement. Negotiations for SAFTA began in 2002 and the agreement was signed in 2003. However, several updates and adjustments have been made since the signing of the agreement. In 2011, amendments were made to clarify some of the differences in the agreement. These amendments have allowed investors in both countries to receive fair and equitable treatment by investing in the other and to amend the legislation of both countries resulting from each country`s bilateral free trade agreements with the United States. SAFTA is a mutual agreement and Australian products or manufacturers get the same duty-free entry in Singapore. The Turnbull government is pursuing an ambitious trade agenda and more free trade agreements as part of our national economic plan for job creation and economic growth.

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