Australian businesses will have greater access to the Southeast Asian region under a deal struck between Malcolm Turnbull and his Singapore counterpart Lee Hsien Loong.
The prime ministers signed an update to the 2003 Singapore-Australia free trade agreement during a visit by the Singapore leader to Canberra on Thursday.
"This is a big win for our services sector delivering greater access for engineers, accountants, financial planners, lawyers and education providers to sell their services to Singapore," Mr Turnbull later told parliament.
An Australian helpdesk in Singapore's ministry of manpower will help the visa application and approval process, making it easier for Australian businesspeople and their families to live and work in Singapore, and for Australian companies looking to deploy staff there.
Engineers and accountants would have their qualifications recognised by Singapore, with these professions to be given priority in the formal negotiations.
Singapore will also recognise Australian tertiary qualifications, including juris doctor degrees, as well as those in allied health such as physiotherapy, occupation and speech therapy, from a number of Australian universities.
Finance firms will be able to provide a range of services on cross-border deals with Singapore.
The updated pact will also guarantee the free flow of data across borders for service suppliers and investors conducting business.
Tourists using Singapore's phone network could also benefit with reasonable rates for international mobile roaming services being pursued.
As well, a "landing pad" will be established in Singapore to help digital entrepreneurs.
PwC Asia practice leader Andrew Parker said improving access to Southeast Asia's leading economy would help Australian businesses, especially those in services exports, break into the broader ASEAN regional market.
"In today's low growth world the ASEAN region - with a GDP of approximately $US2.5 trillion and a population of some 620 million people - offers some of the best growth opportunities around," Mr Parker said.
"Australia has secured commitments from Singapore that are at least equal to, and in many cases better than, any commitments Singapore has given in other FTAs, including to its ASEAN neighbours. "
Mr Lee said it was a win-win for both countries, but admitted there would be some "sensitive issues" as the final details are negotiated.
"How do you make sure the standards are established and compatible?" he said.
"And how do you manage sensitivities about foreign professionals, or non-Australians or non-Singaporeans?"
Mr Turnbull said such agreements would send a signal to the region, which is facing calls for greater protectionism, that putting up trade barriers and shunning innovation "is only a road back to impoverishment".
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