Major Australian-Singapore trade deal announced

SBS World News Radio: A boost in defence co-operation is at the centre of a new Australian trade deal with Singapore announced by the federal government.

Major Australian-Singapore trade deal announcedMajor Australian-Singapore trade deal announced

Major Australian-Singapore trade deal announced

A boost in defence co-operation is at the centre of a new Australian trade deal with Singapore announced by the federal government.

The government sees the agreement - that grew out of the Comprehensive Strategic Partnership signed last year - as a way of increasing investment and improving bilateral ties.

Prime Minister Malcolm Turnbull says the deal is extremely significant.

"This is a very important deepening of the relationship with Singapore, and we've had a very close with Singapore - indeed, a close strategic relationship with Singapore for many years - and this would be seen around the region, I believe, as a natural development."

The ten-year plan is expected to see an expansion of military rotations in northern Queensland by troops from the land-scarce south-east Asian nation.

Singapore will also contribute more than two billion dollars towards upgrading facilities at the Shoalwater Bay Training Area and one at Townsville.

Both bases lie in electorates critical to the Australian government ahead of a federal election.

Former Trade Minister Andrew Robb says the current 6,000 Singaporean soldiers training annually in Australia, could increase to14,000 over time - leading to greater economic benefits for the region.

Mr Robb, who has acted as a special envoy during negotiations, says those benefits affect other key areas.

"We've got an annual commitment where AusTrade will work with the states and territory, the two states relevant, and the territory in northern Australia, and companies across that north with the objective of identifying investment-ready projects. And then the Singaporean government, for its part, will assemble major investors and each year they'll be brought to Australia and they'll have a week or two weeks to go and inspect all of these potential projects. Some of them will be multi-billion-dollar projects. There'll be tropical health and medical research, agriculture, mining, tourism - all of these areas that are our great strengths."

Australia and Singapore will apparently jointly pay for a $50 million "innovation fund".

From Singapore, where a separate announcement was made, came word that the two countries also intend to strengthen intelligence and information sharing, such as in counter-terrorism.

Mr Robb says there are changes, too, for Australians working overseas.

"The capacity now for spouses and the dependents of the principal person taking a job in Singapore will now have the opportunity to get employment. It's not being done for anyone else ever. It's a small country with great sensitivity with people movement issues. We've got 14 people movement issues and mutual recognition of qualifications - these sorts of issues - all of them they've never given to anyone else. Talk about making it more seamless and more encouraging to do business - and not just business but the arts and all the other issues, you don't have the visa problems."

Singapore and Australia have also updated a free-trade agreement, which aims to improve access for businesses to bid for government procurement contracts, and allows for easier movement between the two markets.

Singapore currently ranks as Australia's fifth-largest trading and investment partner.

 






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