Singapore, Australia Sign Updates to Trade Deal

Singaporean and Australian officials signed a series of updates to their existing trade deal last week, particularly in the area of services, following their latest review of the long-standing accord. The planned additions to the Singapore-Australia Free Trade Agreement (SAFTA) are the “most comprehensive update” of any Australian free trade deal, according to Prime Minister Malcolm Turnbull. The Australian premier announced the news in Canberra last Thursday with Singaporean Prime Minister Lee Hsien Loong, after their respective trade ministers signed the revisions. “We recognise in our respective nations, as we do here with our national economic plan, the absolutely vital importance of free trade and open markets,” said Turnbull, citing also the shared strategic alignment between the two Pacific nations. Lee, for his part, also praised the updated SAFTA’s potential for supporting greater trade and investment going forward. The SAFTA entered into force in 2003, and has seen a series of updates in the years since, including in 2006, 2007, and 2011. This third SAFTA review was concluded in May 2016. The updated agreement will now need to undergo domestic approval procedures in the two nations, with officials suggesting that this could be concluded next year. Services provisions According to...