The Australian and Singaporean Governments have worked closely together to enhance the strong relationship between the two countries. The Committee is led by foreign ministers and attended by ministers responsible for other areas of bilateral cooperation. The meeting reached agreement on a number of bilateral initiatives, with discussions on a range of multilateral and regional issues. The Forum's objective is to provide direction for the economic relationship between Australia and Singapore, by playing a strategic role in developing commercial relations and facilitating the identification of specific trade and investment business linkages between Australia and Singaporean companies, including in third country markets. It comprises around a dozen senior executives of leading companies from each country, appointed by the respective Prime Ministers.
Services are a key part of our exports to Singapore, particularly in education.
The economic relationship is healthy and there are few problems. Although Singaporean investment remains concentrated in real estate, diversification is taking place. The Prime Ministers of Australia and Singapore announced on 15 November 2000 that the two Governments had agreed to start negotiations on a bilateral Free Trade Agreement . Australia and Singapore are committed to negotiating a comprehensive agreement, liberalising trade in both goods and services. The FTA emphasises the strong stake that Australia and Singapore have in the new economy in services, the development of the information society and in research and innovation generally.