A new film and TV co-production pact has been inked between the governments of Australia and Singapore, with promises of greater creative exchange and incentives to producers.

Singapore's Minister for Foreign Affairs, George Yeo, and Australia's Minister for the Arts and Sport, Senator George Brandis, signedthe agreement last Friday in Sydney during the Asia Pacific Economic Cooperation (APEC) Summit.

The treaty, which also covers new media projects, will allow co-productions between the two countries to enjoy 'local content' status, eligible for investment and tax incentives.

Brandis finds Singapore 'an increasingly important region for the global film and television industry. Australian-Singaporean productions will create opportunities for Australian filmmakers to access this significant market,' he said.

Yeo said the treaty would promote both countries as premier destinations for creative filmmaking. 'It will encourage Australian and Singaporean companies to share production resources and help both countries develop their international networks.'

The agreement will further strengthen the existing partnership between the two countries which are already engaged in a string of co-productions.

These include Tony Ayres' The Home Song Stories, produced by Australia's Big and Little Films and Porchlight Films, with investment from the Film Finance Corporation Australia and Singapore's MediaCorp Raintree Pictures.

The agreement, pending Australia's domestic treaty approval process, is expected to come into force towards year-end. It will be administered by the Australian Film Commission and the Media Development Authority of Singapore.