Better Singapore-Australia Trade Deals Upgraded and Ratified Today

The Singapore-Australia Free Trade Agreement (SAFTA) was upgraded and approved on Friday. According to the announcement of the Ministry of Trade and Industry (MTI), the deal will further show a new generation of bilateral economic relations. This benefits of this partnership consist of additional business opportunities on bidding for government procurement contracts, enhanced investments facilitation, improved access to services sectors and renewed rules in trading goods.

The amended agreement was sealed in October 2016 by Lim Hng Kiang from Singapore’s Minister for Trade and Industry and Steven Ciobo from Australia's Minister for Trade, Tourism and Investment. The bilateral trade between the two countries strengthened over the years and acquired S$18.2 billion last year according to the MTI. Australia is considered to be the 13th biggest trading partner of Singapore in the previous year, while Singapore ranked seventh as Australia’s largest trading ally.