Singapore-Australia Free Trade Agreement (SAFTA)
Singapore is one of the world’s most prosperous countries and Australia’s largest trade and investment partner in South East Asia.
The Singapore-Australia Free Trade Agreement (SAFTA), which came into effect in July 2003, is a comprehensive agreement which 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, in Canberra, the Hon Steven Ciobo MP, Minister for Trade, Tourism, and Investment and his Singaporean counterpart Mr Lim Hng Kiang, Minister for Trade and Investment, signed the Agreement to Amend SAFTA, which formalises the trade outcomes 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 offers greater opportunities in goods and services to a wide range of Australian exporters, further strengthens trade and investment links, eliminates Singapore's tariffs and provides cheaper inputs for Australian businesses on a range of products.
With Singapore a free port, the main focus of SAFTA is in guaranteeing liberal access conditions for many Australian service suppliers such as legal, financial and educational services exporters.
SAFTA also provides a more open and predictable business environment across a range of areas, including telecommunications regulation, competition policy, government procurement, technical standards, intellectual property, e-commerce, customs procedures and business travel.
Please see the Department of Foreign Affairs and Trade website for comprehensive information on the SAFTA.
Doing business in Singapore
Before entering the Singapore business market there are a number of factors to take into account including culture, politics and business etiquette.
Austrade can help Australian companies familiarise themselves with local market conditions, as well as assist in developing export opportunities through a range of in-market and Australian-based services.
There is extensive information about doing business in Singapore on this website. Please check the Singapore profile under 'Country Profiles.'