Joint Media Release
Monday, 28 July 2003 – Singapore
Joint Announcement by the Australian Minister for Trade, Mark Vaile, and the Singapore Minister for Trade and Industry, George Yeo
Singapore-Australia Free Trade Agreement In Operation
The entry into force of the Singapore-Australia Free Trade Agreement (SAFTA) today will further strengthen trade and investment links between both countries, Australian Trade Minister Mark Vaile and Singapore Minister for Trade and Industry, George Yeo said.
The agreement became operational following an exchange of third person notes in Singapore today, 28 July. The exchange was witnessed by Australian Foreign Minister Alexander Downer and Singapore Foreign Minister Professor Jayakumar, who were attending the Singapore-Australia Joint Ministerial Committee meeting.
“SAFTA marks a new and important chapter in our economic relationship and provides a solid legal framework for the further strengthening of our trade and investment links. It will promote greater integration of our economies and create opportunities for cooperation between our business sectors” Mr Vaile and Mr Yeo said.
“Australia and Singapore are both strong supporters of global trade liberalization and both are pursuing closer economic links with countries within and outside the Asia-Pacific region. We are also strong and active supporters of the multilateral trading system. The ambitious outcomes from SAFTA will complement our efforts in the World Trade Organization, especially the success of the Doha Development Agenda” the Ministers said.
“SAFTA is Australia’s first FTA since the conclusion of the Australia-New Zealand Closer Economic Relations Agreement 20 years ago,” Mr Vaile said.
“In addition to tariff elimination, SAFTA guarantees increased market access for many Australian exporters of services, particularly education, environmental, telecommunications, and professional services. It also provides a more open and predictable business environment across a range of areas, including competition policy, government procurement, intellectual property, e-commerce, customs procedures and business travel,” he said.
“SAFTA is an affirmation of the strategic relationship between Singapore and Australia which is based on mutual trust and a commitment to work more closely together in the future. It is a forward-looking agreement that will enhance business opportunities in both countries, stimulate greater two-way investment and create jobs. Beyond tariff savings, SAFTA will strengthen the roles that Australia and Singapore can play in the region,” Mr Yeo said.
Contacts: Matthew Doman (Trade minister’s office) 02 6277 7420 - Nicole Guihot (Dept Foreign Affairs & Trade) 02 6261 1555