Economics Essay

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Trade in goods SAFTA has resulted in the elimination of all tariffs on goods originating in Australia and Singapore. Prior to SAFTA, Singapore levied import duties on a limited number of Australian products, in particular beer, ale, stout and porter. All Australian products that meet the Rules of Origin, including beer and stout, now enter Singapore tariff-free. (Other Singapore Government taxes and charges, if relevant, are still payable.) Trade in services SAFTA has provided a more open and predictable business environment for services trade. Under the Agreement there are a number of benefits for important services sectors: Education Education services represent a significant part of current services exports to Singapore, with 9242 students undertaking courses at onshore Australian educational institutions in 2006, making Singapore Australia’s twelfth-largest market. Under SAFTA, Singapore has provided full national treatment and market access commitments for university, adult and vocational and technical education, with only limited exceptions. Australian education providers can operate relatively freely in Singapore. Singapore government scholarships for overseas use are also tenable at Australian universities. SAFTA also provides a framework for both Governments to encourage cooperation between Australian and Singaporean educational institutions in a number of areas, including technical education, vocational training, distance education and teacher training. Financial Services Singapore is committed to providing market access and national treatment across a range of financial services, including banking, insurance and capital markets. In addition, financial services suppliers may transfer to or process information in Australia, including through electronic means. Restrictions on the number of wholesale banking licences

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