The Singapore-Australia Free Trade Agreement (SAFTA) was signed in 2003 and came into force on July 28, 2003. It was Singapore`s third comprehensive FTA, and Australia`s first with an Asian country. The agreement allowed for the elimination of tariffs on a wide range of goods and services traded between the two countries, and created new opportunities for trade and investment.
The full text of the Singapore-Australia Free Trade Agreement can be found on the websites of both the Singapore Ministry of Trade and Industry and the Australian Government`s Department of Foreign Affairs and Trade. The text of the agreement is divided into several chapters, each covering different aspects of the agreement.
Chapter One of the agreement outlines the objectives of the agreement, which include the promotion of trade and investment between Singapore and Australia, the elimination of barriers to trade and investment, and the creation of a predictable and transparent business environment.
Chapter Two covers the rules of origin, which define the criteria that goods must meet in order to qualify for preferential treatment under the agreement. These rules help ensure that only goods produced in Singapore or Australia benefit from tariff reductions.
Chapter Three covers trade in goods, including the elimination of tariffs on a wide range of goods traded between Singapore and Australia. This chapter also covers other trade-related issues such as customs procedures, technical barriers to trade, and sanitary and phytosanitary measures.
Chapter Four covers trade in services, including the liberalization of trade in a range of services such as telecommunications, financial services, and professional services.
Chapter Five covers intellectual property rights, including provisions on copyright, trademarks, and patents.
Chapter Six covers government procurement, including provisions on transparency, non-discrimination, and the use of electronic procurement methods.
Chapter Seven covers competition policy, including provisions on anti-competitive practices and mergers and acquisitions.
Chapter Eight covers dispute settlement, including procedures for resolving disputes between Singapore and Australia.
Chapter Nine covers the institutional arrangements for implementing and administering the SAFTA, including the establishment of a Joint Committee to oversee the implementation of the agreement.
Overall, the Singapore-Australia Free Trade Agreement is a comprehensive agreement that has contributed to the growth of trade and investment between Singapore and Australia. The full text of the agreement is an important resource for businesses and policymakers seeking to better understand the terms of this agreement and its implications for trade and investment in the Asia-Pacific region.