Singapore-Australia comprehensive strategic partnership improved - NAB

Tom Taylor, Head of Economics at NAB, notes that Australia and Singapore have further strengthened their already very close economic relationship with the May 2016 announcement of reforms to their main bilateral economic relationship.

Key Quotes

“We may eventually have no less than 5 separate free trade agreements covering Singapore trade.

Bilateral trade restrictions have already been substantially removed and reforms now focus on cutting “behind the frontier” barriers rather than lowering tariffs or removing import quotas.

Liberalising services trade, the movement of people and investment flows is the focus as trade in goods has already been liberalised.

Despite its small size, Singapore has a unique position among our Asian trading partners in terms of the intensity and breadth of business ties. The latest round of reforms opens up further opportunities for Australian business.”