Singapore, Australia sign strategic partnership deal
Under the new agreement, the two countries reportedly highlighted two primary priorities to be realized in the next 12 months, including an early revival of the free trade agreement (FTA) between the countries and signing of defense cooperation agreements. The current FTA is slated to be revived by July 2016, accordingly. The new FTA will open new trade and investment opportunities in many sectors as well as in new growth areas like Northern Australia.
In addition, Singapore and Australia will increase consultation and cooperation on regional and global issues while they will share more intelligence and information in defense and security fields. The two countries will also improve their cooperation between arts, culture and heritage institutions.
Meanwhile, the two countries also inked three Memorandums of Understanding (MoUs) related to the CSP on June 29.
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