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Singapore-Australia free trade agreement upgraded

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Singapore companies will be able to bid for procurement contracts from Australia's federal government as well as all of Australia's eight states and territories under an upgraded Singapore-Australia Free Trade Agreement (SAFTA), the Ministry of Trade and Industry said in a press release Thursday morning.

SINGAPORE companies will be able to bid for procurement contracts from Australia's federal government as well as all of Australia's eight states and territories under an upgraded Singapore-Australia Free Trade Agreement (SAFTA), the Ministry of Trade and Industry said in a press release Thursday morning.

Investors will also not need to seek approval from Australia's Foreign Investment Review Board for investments below A$1.094 billion (S$1.14 billion) in "non-sensitive sectors" in Australia, it added.

The ministry said the upgraded SAFTA is expected to enter into force in 2017.