Singapore and Australia signed four key agreements yesterday that will boost co-operation in trade, defence, innovation and combating transnational drug crime.

They include an upgraded free trade agreement (FTA) that will make it easier for Singaporean professionals and entrepreneurs to work in Australia and vice versa.

There is also a A$2.25 billion (S$2.35 billion) defence deal that will see both sides jointly develop military training facilities in Australia. The upgraded FTA comes into force next year, and defence co-operation planning starts early next year.

Prime Minister Lee Hsien Loong and Australian PM Malcolm Turnbull said in a joint statement that the agreements represent the “most substantial upgrade in the Australia-Singapore relationship in a generation”.

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PM Lee in Australia

Source:

AFP

Lianhe Zaobao

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Benefits in four key areas

Of the four Comprehensive Strategic Partnership (CSP) agreements signed yesterday, one will see trade ties being deepened while the other three will see Singapore and Australia collaborate more closely in the areas of defence, scientific research and anti-drug trafficking.

The upgraded Free Trade Agreement will come into force next year and planning for the expansion of new military training areas in Australia will start early next year.

These are some of the benefits under the agreements:

Trade

• More flexible rules of origin, which are standards used to determine the origin of goods, will make it easier for Singapore exports to qualify for tariff-free treatment in Australia.
• Reduction in regulatory barriers, such as onerous labelling requirements, will facilitate trade in goods like wine, cosmetics and medical devices.
• Opportunities for companies from both sides to bid for government procurement contracts.
• Easier mobility and longer stays for business people.

Defence

• New A$2.25 billion (S$2.35 billion) programme will allow the Singapore Armed Forces to conduct unilateral training in Australia for 18 weeks, in areas 10 times the size of Singapore, for up to 14,000 troops per year over 25 years.
• Joint development of military training areas and advanced facilities in Australia.

Science research and innovation

• The Singapore and Australian governments will provide about S$50 million worth of support for collaboration in science and innovation.
• More co-operation between research institutions, such as between Singapore universities and Australia’s Data61 to look into big data and smart cities.
• Shared use of research infrastructure – like supercomputing centres in both countries – to realise a greater return on investments, spread expenses, allow for maintenance of infrastructure, and let researchers improve their research by accessing a wider range of facilities and intellectual cultures.
• Establishing Australia’s fifth landing pad in Singapore to facilitate the foray of high-tech Australian start-ups into Asia.

International drug crime

• Singapore’s Central Narcotics Bureau and the Australian Federal Police will conduct joint training, learning and development programmes and officer exchanges to combat the proliferation of drugs, especially new psychoactive substances. 

This article was first published on Oct 14, 2016.
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