Measurable Targets for Enhanced Comprehensive Strategic Partnership with Australia
Ministry of Foreign AffairsSpeakers
Summary
This question concerns the measurable targets and success indicators for the Singapore-Australia Comprehensive Strategic Partnership (CSP) as raised by Mr Gerald Giam Yean Song. Minister for Foreign Affairs Dr Vivian Balakrishnan reported that the first CSP increased trade in goods to $30 billion and services to $50 billion, while foreign direct investment grew by 50%. The upgraded CSP 2.0 features 80 new initiatives, including an enhanced Defence Cooperation MOU that expands reciprocal facility access and cooperation in defense technology and logistics. Significant developments include the Shoalwater Bay Training Area expansion and an MOU on Economic Resilience which initiates negotiations for a future arrangement on trade and essential supplies. The Minister emphasized that these initiatives aim to strengthen bilateral cooperation across five pillars while exploring legally-binding commitments for the security of essential supplies.
Transcript
58 Mr Gerald Giam Yean Song asked the Minister for Foreign Affairs (a) what measurable targets have been set for the enhanced Comprehensive Strategic Partnership (CSP) with Australia across its five cooperation objectives; (b) what data illustrates the success of the first CSP, such as trade or investment increases; and (c) what is the Ministry's key factor to determine whether the commitment for essential supplies with Australia will be fully implemented.
Dr Vivian Balakrishnan: Singapore and Australia share a deep reservoir of mutual trust and shared strategic perspectives. This relationship has enjoyed strong bipartisan support from successive Australian governments.
The Singapore-Australia Comprehensive Strategic Partnership (CSP) was launched in 2015, including more than 110 initiatives across six pillars of cooperation. Between 2015 to 2023, our trade in goods increased by about 30% to $30 billion; trade in services increased by over 170% to $50 billion; while Foreign Direct Investment from Australia grew by over 50% to $25 billion. The Agreement concerning Military Training and Training Area Development in Australia enabled valuable training access for the SAF, including the expansion of Shoalwater Bay Training Area.
Prime Minister Lawrence Wong launched the upgraded CSP (CSP 2.0) with Australian Prime Minister Anthony Albanese during his Official Visit to Australia last month. CSP 2.0 has a slate of 80 new initiatives, 20 new Memoranda of Understanding (MOUs) and Agreements as well as 11 new dialogues across five pillars of bilateral cooperation.
Key initiatives under CSP 2.0 include the enhanced Defence Cooperation (eDC) MOU and MOU on Economic Resilience. Under the eDC MOU, we have: (a) enhanced reciprocal access to defence facilities in Australia and Singapore; (b) strengthened cooperation in defence science and technology, as well as defence logistics and supply chains; and (c) expanded professional exchanges between our militaries. The MOU on Economic Resilience commences negotiations for an Arrangement on Trade and Essential Supplies. We will explore options for a legally-binding commitment in the future.