~Background Information~
Australia- Singapore Free Trade Agreement
The Australian- Singapore Free Trade Agreement is a bilateral trade relationship between Australia and Singapore. It allows these two countries to import and export goods under certain conditions. ASFTA was established 28th July 2003. This means that it has been enforced for a decade. It was the first bilateral trade agreement put in place since the Closer Economic Relations Trade Agreement with New Zealand; established in 1983, 20 years earlier. Because of ASFTA, Singapore is Australia's number one trade and investment partner in South East Asia. It is very beneficial for the Australian economy.
There are many principle elements and conditions of this relationship:
*Tariffs are abolished on imported goods
*Duty free items are allowed to be brought to and from each country.
*No Safeguard Measures are to be made against either country.
*Negotiations are in progress, regarding food standards and horticultural products.
*The two countries assist one another's customs procedures.
*They must treat each other's service suppliers as they treat their own.
*Limitations on the amount of wholesale banking licenses available to Australian banks will be eventually relieved.
*The Attractiveness of Australian Universities are enhanced for Singaporean students.
*Singaporean residency requirements are eased for Australian professionals.
*The environment of Australian investment in Singapore is improved.
*The initial period of stay in Singapore, granted to Australian business people significantly increased.
*The two Governments agree to be 'anti-competitive.
*Exported electronics are legislated.
*An arbitral Tribunal will be called upon if any disputes are made.
So far, ASFTA has run peacefully and successfully.
There are many principle elements and conditions of this relationship:
*Tariffs are abolished on imported goods
*Duty free items are allowed to be brought to and from each country.
*No Safeguard Measures are to be made against either country.
*Negotiations are in progress, regarding food standards and horticultural products.
*The two countries assist one another's customs procedures.
*They must treat each other's service suppliers as they treat their own.
*Limitations on the amount of wholesale banking licenses available to Australian banks will be eventually relieved.
*The Attractiveness of Australian Universities are enhanced for Singaporean students.
*Singaporean residency requirements are eased for Australian professionals.
*The environment of Australian investment in Singapore is improved.
*The initial period of stay in Singapore, granted to Australian business people significantly increased.
*The two Governments agree to be 'anti-competitive.
*Exported electronics are legislated.
*An arbitral Tribunal will be called upon if any disputes are made.
So far, ASFTA has run peacefully and successfully.
For More Information Visit: http://www.dfat.gov.au/fta/safta/background.html