Australia could lose millions of jobs in the post-Singapores trade deal with Singapore if it loses its seat in the EU.
Post-Singuland trade is currently being negotiated between Australia and Singapore.
However, there is speculation that Singapore will be forced to cancel the deal if Australia loses its EU seat in June 2019, as it will be in breach of the Comprehensive Economic and Trade Agreement (Ceta) as it does not have the necessary regulatory approvals to operate.
The trade deal, which is expected to be ratified this month, has caused consternation in Australia, where the industry has seen its growth in recent years slowed by a series of problems.
Australia’s exports to Singapore, which are worth about $200 billion a year, are currently worth around $3.4 billion a month, or about 3 per cent of Singapore’s exports.
AUSTRALIA’S LOSS: AUSTRALIAN LOSSES $9.8B IN SEAS POST-SINGAPORE CETA TO COME INTO EFFECT This is a huge blow for Australian jobs.
We have already lost about 12,000 jobs.
The jobs will disappear.
This is a real risk for the Australian economy.
It is a very significant loss for the economy and for the people of Singapore, and I want to assure them that the Government will do everything in its power to find a way to salvage this important agreement.
Singapore will be unable to operate on a level playing field.
In a statement, the Australian Council of Trade Unions (ACUTU) said the trade deal would put “substantial pressure on our domestic manufacturing industry and threaten our ability to export goods to Europe and the rest of the world.”
“It will impact our competitiveness in a number of key sectors including the automotive, aerospace and defence sectors, as well as our global position,” it said.
“We have a strong manufacturing base and the benefits of this deal will be felt by all sectors of our economy.”
However it said there would be “significant economic benefits” for the country as the post deal trade deal should allow the export of high value goods to the European Union and other markets.
If the post is not implemented, the trade agreement with Singapore will mean an economic downturn in Australia’s “golden decade”, according to the ACCUTU. ABC/AFP