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.