Singapore - Australia FTA

The SAFTA was signed on 17 February 2003 by the Minister for Trade, Mark Vaile and the then Singaporean Minister for Trade and Industry, George Yeo, and became operational on 28 July 2003. SAFTA eliminated tariffs on all goods from entry into force of the Agreement and precludes the use of export subsidies and the application of safeguard measures against each other.

Following the first review of SAFTA on 14 July 2004, Australia and Singapore concluded Sectoral Annexes on horticultural goods and food products. The Horticultural Goods Annex provides for trade in certain horticultural goods. The Food Products Annex provides procedures whereby a party may recognise the other party's standards and compliance procedures as equivalent to their own. These amendments were brought into force through an Exchange of Notes in February 2006, providing for streamlined compliance and inspection arrangements for approved products.

The Department of Foreign Affairs and Trade recently oversaw the second review of SAFTA which was completed in July 2009. The Second Review principally included updates to the chapters on investment and intellectual property.  The Review did not impact on portfolio interests.