Chartered Accountants Australia and New Zealand chief executive Lee White said this agreement with Australia’s fifth-largest trading partner will bring new benefits across a number of industries.
“In particular, we applaud the establishment of a framework to support mutual recognition of professional qualifications, including accounting, [which] will open doors to numerous professional opportunities,” Mr White said.
“Our profession is a global profession; mutual recognition will ensure that professional accountants can take advantage of even greater mobility of their qualification,” he added.
Singaporean Prime Minister Lee Hsien Loong is currently visiting in Australia to discuss defence and trade deals, anticipated to give a number of professions easier access to the Singapore market.
“To recognise the strengthening relationship between the two countries, this Free Trade Agreement will also support greater trade and investment opportunities for individuals and businesses, most importantly allowing freer movement for businesspeople between our countries,” Mr Lee said.
Under the updated deal there will be greater opportunities for professional and financial services, as well as foreign investment, Mr White said.
“The FTA, which will be updated with this visit, will help drive closer economic ties with Singapore; overall it will make it easier for Singapore to invest in Australia,” he said.