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

I formally recognise the significant contribution made by the Singapore Chamber of Commerce (Western Australia) in fostering trade and investment between our nations. I acknowledge the dedicated work of Anthony Quahe, Eugene Lim and Joachim Tan. Recently I had the opportunity to introduce the Singapore Chamber of Commerce committee members to representatives of the Wanneroo and Joondalup business associations to form a direct link with the local business community.

Since the Singapore-Australia Free Trade Agreement came into force in 2003, there has been significant growth in our bilateral economic relationship. Between 2010 and 2014, Australian merchandise exports to Singapore grew by 70 per cent, from $4.8 billion to $8.2 billion annually, whilst our imports from Singapore remained relatively consistent at $10.8 billion. During the same four-year period, Australian professional service exports to Singaporean clients grew by 42 per cent to $3.7 billion annually, while our reliance on services from Singapore grew by 57 per cent to $5.5 billion. Similarly, between 2010 and 2014 Singapore's investment in Australia increased by 83 per cent to $80.2 billion, whilst Australia's investments in Singapore doubled to $50.7 billion.