Singaporean students leaving for Australia to 'dramatically' increase on enhanced free trade agreement

66% of Singaporean parents prefer sending their children to Australia.

Today’s announcement of an enhanced Singapore-Australia free trade agreement (SAFTA) represents a vital cogwheel in the economic growth engines of both countries, including enhance mobility for individuals, said HSBC.

The agreement was signed today by the trade ministers of Australia and Singapore in Canberra, the third iteration of the SAFTA, and will involve both countries adopting a package of measures to increase trade and investment flows.

According to HSBC, through SAFTA, Singapore and Australia’s commercial and people-to-people links will be significantly strengthened through the improved bi-lateral visa entry arrangements for Australian and Singaporean service suppliers seeking to enter and work temporarily in each country’s market. There will also be closer collaboration in recognising respective tertiary qualifications and scope for universities to set up campuses in each other’s country.

Commenting on the visa changes, Guy Harvey-Samuel, HSBC Singapore CEO: “These changes recognise the strong people-to-people links that already exist between the two countries."

HSBC research finds that Singapore is the top destination for expats globally, including some 20,000 Australians who are here for career opportunities.

“We expect the number to grow with reduced barriers to labour mobility, which will accelerate the commercial ties between the two countries,” he said.

Tony Cripps, HSBC Australia CEO, added: “The enhancements to SAFTA is a welcome opportunity for Australians looking to expand their international experience. Our HSBC research shows that 66% of Singaporean parents would choose to send their children to study in Australia, we can expect this to dramatically increase with more Australian university qualifications gaining recognition in Singapore."