Australia, Singapore Set to Upgrade Trade Deal

Australia and Singapore have agreed on a series of steps to build on their 2003 trade deal, officials announced earlier this month. The measures are in the context of the Comprehensive Strategic Partnership (CSP) work underway between the two sides, which also involves steps to boost defence cooperation. The announcement follows up on an earlier joint declaration from 2015 on the CSP between the two countries, which committed both governments to take a series of steps to build on their economic, trade, and defence ties. “The foundations of the Australia-Singapore partnership are our shared strategic perspective and complementary economies,” said the joint announcement confirming the news. “We share interests in the political stability and economic prosperity of our region, and have worked together as like-minded partners to foster those interests.” Bilateral goods trade between Australia and Singapore was worth A$28.5 billion (€18.4 billion at current exchange rates) in 2014-2015, and Singapore is Australia’s fifth largest trading partner. “[The agreement] is a win-win deal that will cement relations and benefit Australians and Singaporeans for years to come. The Comprehensive Strategic Partnership is an ambitious package covering many aspects of our relationship,” said Singaporean Prime Minister Lee Hsien Loong, via a statement...