| October 18, 2016

Singapore-Australia free trade agreement creating opportunities for businesses in Murray

The Nationals Member for Murray Damian Drum said the Turnbull Government has delivered a comprehensive update of Australia’s second oldest free trade agreement, creating significant opportunities for the Murray Electorate.

Mr Drum said the updated Singapore-Australia Free Trade Agreement (SAFTA) opens the doors for service providers and professionals in the electorate to expand their business.

“It delivers greater access for our engineers, accountants, financial planners, lawyers, and education providers to sell their services to Singapore,” Mr Drum said.

“Singapore has given Australia its best FTA treatment, putting our exporters on an equal or better footing than our foreign competitors.”

Australia exported $1.71 billion of professional and business services to Singapore in 2015. Mr Drum said the potential for services exports is significant, as Asia’s emerging middle class is projected to grow from 600 million today to 3 billion by 2030.

"Capitalising on this demand through our ambitious trade agenda is a key component of the Turnbull Government’s economic plan for a stronger and more diverse economy,” Mr Drum said.

“The Coalition is building the architecture to facilitate growth in services exports through our free trade agreements such as the amended SAFTA.

“It builds on the success of the FTAs we concluded with the North Asia powerhouse economies of China, Japan and Korea.

“The Turnbull Government is pursuing an ambitious trade agenda, and more free trade agreements, as part of our national economic plan to create jobs and economic growth,” Mr Drum said.

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