A signed update to the 2003 Singapore-Australia Free Trade Agreement (SAFTA) is the "most comprehensive" update of any Australian free trade deal, the nation's trade minister said on Thursday.
Trade Minister Steve Ciobo, along with his Singaporean counterpart Lim Hng Kiang, signed the updated agreement in Canberra on Thursday, and Ciobo said it would be "crucial" in maintaining a strong relationship with Singapore in years to come.
"The agreement is a crucial part of Australia's Comprehensive Strategic Partnership with Singapore," Ciobo said in a statement released on Thursday. "This updated FTA delivers big wins for Australian service providers with greater access and certainty in sectors such as education, law, financial and professional services."
Ciobo said that Australian professionals will be able to seamlessly move between the two nations as a result of the update, and added that amendments to trade-related tariffs were also given the tick of approval.
"Australia and Singapore will also establish a framework under SAFTA to support mutual recognition of professional qualifications. Priority will be given to arrangements for engineers and accountants," Ciobo's statement said.
Australia's Prime Minister Malcolm Turnbull said the deal would benefit both parties and would promote further "jobs and growth" for Australians seeking to break into the Southeast Asian region.
"The upgraded Singapore-Australia free trade agreement also encourages greater investment from Singapore, including in northern Australia," Turnbull told the press.
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