The Coalition Government has created significant new opportunities for NT businesses through updates to the Singapore Australia Free Trade Agreement (SAFTA).
Country Liberals Senator for the Northern Territory, Nigel Scullion, said the amended SAFTA delivers big wins for NT services industries, with greater access for education, legal, financial and other professional service providers.
“Opening up export markets is at the core of the Coalition’s economic strategy,” Senator Scullion said.
“Our free trade agreements are creating jobs and delivering new opportunities for businesses in the Territory.”
Senator Scullion said the amended SAFTA removes unnecessary red tape and improves the conditions for Territory exporters to do business in Singapore.
“Northern Territory businesses wishing to use Singapore as a gateway to export to the rest of South East Asia will benefit from new rules of origin,” Senator Scullion said.
“Northern Territory businesses tendering for Singaporean Government contracts will be more competitive for high-value contracts in sectors such as road transport, construction and engineering.”
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.