The Relationship Of Trade Between Australia And Singapore

1255 words - 5 pages

The development of trade between the two countriesAustralia and Singapore have maintained a trade relationship for a long time now. Both countries belonged to the British Empire. Singapore and Australia are both members of APEC (Asia pacific economic cooperation) and the world trade organization (WTO). Their trade relationship resulted in the Singapore and Australia free trade agreement (SAFTA) in 2003.The republic of Singapore has long been a trusted trade partner and ally of Australia.They established diplomatic. It is Australia’s largest trading partner in ASEAN and Australia’s 5th largest trading partner overall. With a population of 4.2 million and a GDP of $106 billion Singapore boasts the fifth highest per capita GDP in the world.Before Singapore became independent in 1963, it belonged to the British Empire along with Australia. Through this, Australia developed a strong relationship with Singapore. But after Singapore became independent, it developed trade relationships with other Asian countries.During the Vietnam War, Australia became an outpost for the western civilization. It refused to have any close relationships with Asia due to the fear of communism ‘reds under the beds’. It chose to follow other western countries such as America. But after the Vietnam War, Australia felt that it was part of Asia and not really part of Europe thus resulting in stronger ties with countries in East Asia such as Singapore.Australia’s two-sided relationship with Singapore became closer after the Five Power Defense arrangements (FPDA). Australia also grew closer in the 1980s due to foreign investment and the Australian government’s plan to improve Australia’s ties with Asia.Singapore's small population and dependence on external markets and suppliers has pushed Singapore toward economic openness, free trade, and free markets. This and government policies that foster economic development have been key factors in Singapore's historically strong economic performance. This led to the Australia and Singapore free trade agreement (SAFTA or FTA) which came into force in July 2003.It strengthened trade and investments links between Singapore and Australia. In addition to tariff elimination, the agreement guarantees increased market access for Australian exporters of services, particularly education, environmental, telecommunications, and professional services. It also provides a more open and predictable business environment across a range of areas, including competition policy, government procurement, intellectual property, e-commerce, customs procedures and business travel.For Australia, this agreement is about strengthening our ties with South East Asia and promoting trade and investments in that region. For Singapore, the FTA helps improve its competitive advantage in the region. The Agreement will establish a more open, predictable and transparent trade and investment relationship between Australia and, Singapore across...

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