Ian Goodenough (Moore, Liberal Party) Share this | Hansard source

Australia's relationship with Singapore has further strengthened following the visit by Singaporean Prime Minister Lee Hsien Loong last week, with the signing of a number of bilateral agreements. Our nations have agreed to work more closely on regional security and tackling terrorism by signing a defence agreement which will permit Singapore to invest $2 billion in the development of military training facilities in Central and Northern Queensland, where up to 14,000 troops will train for 18 weeks each year.

The Singapore-Australia Free Trade Agreement, which our respective nations entered into in 2003, has been comprehensively updated with a greater focus on services and improved exchanges in the areas of innovation, science, education and the arts. Under the upgraded arrangements, Australian industries, including education, law, and financial and professional services, will gain improved access to Singaporean markets. There will be moves to have Australian qualifications recognised by Singapore, giving lawyers, engineers, accountants and medical professionals greater certainty to practise in Singapore.

Singapore will also recognise Australian tertiary qualifications, including juris doctor degrees as well as those in allied health such as physiotherapy, occupational therapy and speech therapy, from a number of Australian universities. Finance firms will also be able to provide a range of services on cross-border transactions with Singapore. The updated agreement will also guarantee the free flow of data across borders for service suppliers and investors conducting business. Businesses will not be forced into using local computing facilities or building data storage centres. Further, customs duties will not be imposed on electronically transmitted content. Tourists using Singapore's phone network could also benefit, with reasonable rates for international mobile roaming services being pursued.

Singapore is currently Australia's fifth-largest trading partner. In terms of tourism, 400,000 Singaporeans visited Australia last year and about one million Australians visited Singapore. The 2018 ASEAN summit will be held in Australia with Singapore as the chair. Australian businesses, including firms in my electorate, will benefit from greater access to Singaporean markets through increased trade and investment.

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