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.
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.
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