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Australia and Singapore to expand cooperation on standards to boost bilateral trade and investment

  • MOU signed between Standards Australia and SPRING Singapore to harmonise and align standards
  • Harmonised standards will open up market opportunities for both economies and boost bilateral trade and investment flows
  • Expanded cooperation in standards is in support of the Comprehensive Strategic Partnership between Australia and Singapore
Australia and Singapore will expand bilateral cooperation on standards to boost bilateral trade and investment and open up market opportunities for both economies.
Standards Australia and SPRING Singapore, Australia and Singapore’s national standards bodies, signed a Memorandum of Understanding (MOU) today to establish a formal framework to strengthen, promote and develop cooperation on standardisation and related activities between the two countries.
As part of a broad framework for cooperation, one of the key elements of the MOU is an agreement for both parties to harmonise standards in mutually-agreed high priority sectors, with an initial focus on the building and construction and functional food sectors. Greater parity and alignment in the adoption, use and application of business-friendly standards will reduce market participation and operating costs for both Australian and Singaporean exporters and investors.
Closer cooperation and greater alignment of standards will greatly assist in reducing non-tariff barriers to trade and other trade concerns caused by differing national standards.
Dr Bronwyn Evans, Chief Executive Officer of Standards Australia, said the goal of this initiative was to benefit businesses from both economies.
“Singapore is a strategic trade and investment partner for Australia. Through the harmonising of standards and greater convergence of technical regulation in both economies, we aim to reduce costs and remove roadblocks that exporters and investors may face. The end-goal is to boost trade and investment for businesses, big and small, in both economies,” said Dr Evans.
The MOU signing was witnessed by Australian Prime Minister Tony Abbott and Singapore Prime Minister Lee Hsien Loong.
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