Quora Answer: Would It be Practical to Extend Trans-Tasman Economic Market to Include Singapore?

The following is my answer to a Quora question: “As Singapore is an advanced economy in the Asia-Pacific region, would it be practical to extend Trans-Tasman to include them?  Or would concerns arise about a nation with the same population as New Zealand having free access to live and work in Australian and New Zealand?” 

I assume you are referring to the proposed Trans-Tasman economic market, which would be the first workings of a potential economic union?  That would make sense for Australia and New Zealand since both of them were once administered jointly, and they have much in common.  It will not be extended to Singapore, and it would not make sense for either side.  For one, Singapore is much to far away, and the combined trade with Australia and New Zealand is nowhere close to Singapore’s trade with ASEAN, China, South Korea, or even the US.  To put this in perspective, Singapore’s trade with Hong Kong alone, a single city in China, dwarfs her trade with Australia and New Zealand.  Singapore’s GDP per capita is much larger than Australia and New Zealand, combined.  There are more Australians and New Zealanders working in Singapore than the other way around.  Singapore is not going to throw its doors open for an influx of either, and unbalance the job market. 

Another point of consideration is that Singapore tends to enter into regional agreements as part of ASEAN.  That has been done.  ASEAN, Australia and New Zealand are all part of the Comprehensive & Progressive Agreement for Trans-Pacific Partnership (CPTPP).  It is one thing for Singapore to conclude a bilateral agreement with either Australia or New Zealand.  It is another thing altogether to enter into a regional grouping with two countries from a neighbouring region, excluding ASEAN, a grouping Singapore is a founding member.  That would permanently set back our economic relations with her neighbours.