Tony Abbott (Warringah, Liberal Party) Share this | Link to this | Hansard source

Mr Speaker—

Opposition Members:

Opposition members interjecting—

Tony Abbott (Warringah, Liberal Party) Share this | Link to this | Hansard source

It is nice to be popular, Mr Speaker! My question is to the minister for trade. Will the minister update the House on how the expanded Singapore-Australia Free Trade Agreement will support the government's plan for jobs and growth?

Steven Ciobo (Moncrieff, Liberal Party, Minister for Trade, Tourism and Investment) Share this | Link to this | Hansard source

It is terrific to know there is such strong support across the chamber for such a pertinent question. Of course I want to also acknowledge the member for Warringah. In his then capacity as Prime Minister, he visited Singapore in June last year and was the catalyst of what we will be signing tomorrow around the comprehensive strategic partnership between Singapore and Australia. I also want to acknowledge my predecessor, the minister for trade, the Hon. Andrew Robb, who, together with the then Prime Minister, played a key role in the delivery of what we have put in place in relation to the strengthening of the comprehensive relationship between Australia and Singapore.

Drawing upon the comments that were made this morning by Prime Minister Lee, we can see that this relationship will form the bedrock of our strategic partnership going forward—that is, in relation not only to trade, services and investment but also to defence. What this government, together with the Singaporean government, has been able to achieve in taking forward the comprehensive strategic partnership between our countries is truly historic. As Prime Minister Lee pointed out in his address, the Singapore agreement, signed in 2003, was the second bilateral free trade agreement that Australia signed.

Our shared embrace of innovation and open markets builds on our close economic and diplomatic relations and contributes to the shared prosperity that our two nations enjoy. The Singapore-Australia relationship has continued to strengthen as we both embrace the opportunities of our growing region to ensure the creation of more jobs and a higher standard of living for both of our peoples.

At its very core, that is what drives the coalition government's national economic plan in relation to boosting job prospects for Australians and driving economic growth in this country. It is consistent with the groundwork that the coalition did when we undertook to put in place the free trade agreements with China, Japan and Korea, and we have once again delivered on that trifecta of agreements with the Singapore-Australia Free Trade Agreement.

As Singapore is Australia's fifth largest trading partner and investor—with trade valued at over $25 billion in 2015—there is enormous potential that flows from this, especially for those in the services sector. It has been the services outcomes that have been particularly helpful for all Australians. The opportunities for our education providers, accountants, financial planners, lawyers and engineers to travel to Singapore and sell their services and the guarantees that it provides with access to lucrative Singaporean government procurement contracts will mean this relationship goes from strength to strength in the future. (Time expired)