On the economic front, the partnership will mean, in practical terms:
- an early review of the Singapore-Australia Free Trade Agreement, unlocking new trade and investment opportunities and establishing a Closer Economic Relationship arrangement;
- exploring investment opportunities in sectors such as food, agribusiness and infrastructure, and in new growth areas including Northern Australia;
- increasing the flow of skilled labour and visitors;
- joint tourism cooperation;
- reviewing Australia’s Foreign Investment Review Board thresholds for Singapore’s investments into Australia;
- better access to, and integration of, financial and capital markets, including cooperation on financial market infrastructure;
- expanding potential to increase two way investment flows, including by working together in third markets in our region and beyond;
- building additional research and development partnerships, including by working on the commercialisation of research among our agencies, academic institutions and the private sector;
- enhancing our aviation and maritime connectivity;
- promoting trade and investment activities through more partnerships in the private sector, including through sharing information on infrastructure opportunities, collaborating on food and agribusiness opportunities (including in aquaculture and fisheries), and promoting mutual recognition of standards, conformance and qualifications.
In the area of foreign affairs, defence and security, we will:
- hold annual leaders’ meetings, alternating between the two countries as host;
- increase consultations and cooperation between Ministers and officials on regional and global issues, including cooperation in regional institutions such as the East Asia Summit and Association of Southeast Asian Nations;
- launch short-term exchanges of Foreign Service Officers;
- increase intelligence sharing in areas of common interest, such as new security challenges in counter-terrorism and extremism.
- develop departmental and military exchanges and postings between Singapore’s and Australia’s defence organisations;
- increased access to, and enhancement of, training areas including joint development of military training facilities in Australia, consistent with the requirements of both countries, while respecting Australia’s sovereignty and noting Australia’s ownership;
- share expertise on cybercrime investigation techniques and digital forensic capabilities;
- collaborate on cybercrime in the region;
- develop operational collaboration and joint targeting of organised crime and money laundering groups emanating from either Australia or Singapore;
- attach Central Narcotics Bureau officers to the Australian Federal Police; and
- establish information exchange on bush fire operations and other disaster management issues, and explore short-term deployment of Singapore personnel to assist in tackling large fire operations.
We share very strong people-to-people links, and have agreed to strengthen these further through:
- a New Colombo Plan business champions group;
- more cooperation between our arts institutions, including facilitation of travelling exhibitions, loaning of artefacts and co-curation of exhibitions among heritage institutions and museums, and the establishment of new partnerships;
- deepening links between our educational, scientific and research institutions by enhancing dialogue and sharing information on policies and programmes to improve teaching quality and lift outcomes for all students;
- greater internship opportunities in Australia for Singaporean students studying in Singapore institutions;
- the launch of a Joint Strategic Dialogue on Science and Innovation; and
- short-term study visits for Singapore and Australian civil service officials across agencies which share areas of interest or policy responsibility.