THE Federal Government has created significant new opportunities for businesses in Far North Queensland through updates to the Singapore Australia Free Trade Agreement (SAFTA).
Federal Member for Leichhardt Warren Entsch said the amended SAFTA delivers big wins for local services industries, with greater access for education, legal, financial and other professional service providers.
“Opening up export markets is at the core of the Federal Government’s economic strategy,” Mr Entsch said.
“Our free trade agreements are creating jobs and delivering new opportunities for businesses in Leichhardt.
“Mr Entsch said the amended SAFTA removes unnecessary red tape and improves the conditions for Leichhardt exporters to do business in Singapore.
“Local businesses wishing to use Singapore as a gateway to export to the rest of South East Asia will benefit from new rules of origin.
“Leichhardt businesses tendering for Singaporean Government contracts will be more competitive for high-value contracts in sectors such as road transport, construction and engineering,” Mr Entsch said.
SAFTA, originally signed in 2003, is one of Australia’s most successful trade agreements. Since SAFTA was signed, our bilateral trade relationship has grown by more than 80 per cent and bilateral investment has grown by more than 350 per cent.
The amended SAFTA underscores the importance each country places on further growing our two economies, and the strength of our collaboration under the Australia-Singapore Comprehensive Strategic Partnership.