S'pore, Australia agree on free-trade pact
S'pore, Australia agree on free-trade pact
SINGAPORE (AP): At the end of a third round of trade talks, Singapore and Australia said Friday they have agreed on a framework for a free-trade pact.
"Significant progress was made on a wide range of issues," a two-paragraph joint statement from Australian and Singaporean negotiators said, without elaborating.
The four days of talks were held behind closed doors in Singapore. Neither nation would comment on any details of the talks, nor would they reveal what was contained within the agreed framework.
The next round of negotiations will be held in Australia from July 24 to July 27. In the meantime, officials from both sides will continue discussions, the statement said.
Economic analysts in Singapore say the pact is part of the ongoing trend for the wealthy Southeast Asian city-state to rustle up trade beyond members of the Association of Southeast Asian Nations, or Asean, so it can maintain its high standards of living.
Singapore already has a bilateral free-trade agreement with New Zealand and is also negotiating deals with the U.S. and Japan.
The tiny nation will begin free-trade talks with the European Free Trade Association - made up of Iceland, Liechtenstein, Norway and Switzerland - in Oslo July 2.
In April, the second round of free-trade talks between Australia and Singapore in Canberra stalled when Australia demanded improved market access in Singapore for Australian legal firms.
This issue remains a sticking point, as does recognition of qualifications from Australian universities, Australian Trade Minister Mark Vaile said Tuesday.
Neither nation would say if this issue had been addressed at the latest talks in Singapore.
Singapore Prime Minister Goh Chok Tong and his Australian counterpart, John Howard, agreed to negotiate the free-trade pact by October 2001.
For its part, Australia also is pursuing a free-trade agreement with Thailand after its bid to join the Asean Free Trade Area was blocked by Malaysia last year.
Singapore is Australia's seventh-largest trade partner with two-way trade in 2000 totaling A$9.59 billion.