Singapore's Prime Minister Lee Hsien Loong and Australian Prime Minister Tony Abbott on Monday signed a joint declaration on the comprehensive strategic partnership that will witness enhanced cooperation in trade and economics, foreign affairs, defense and security as well as people- to-people ties between the two countries.This year marked 50 years of diplomatic relations between Singapore and Australia.

Among the initiatives is an early review of the Singapore- Australia free trade agreement, which presents new trade and investment opportunities in food, agribusiness and infrastructure sectors, as well as in new growth areas like Northern Australia.

On foreign policy, the two countries will increase consultation and cooperation on regional and global issues, including global power dynamics and their impact on the region.

Singapore and Australia will also strengthen cooperation in intelligence and information-sharing to tackle with non- traditional security challenges in counter-terrorism and extremism.

There will also be more cultural exchanges between the people of the two countries.

Abbott is on the last day of a two-day official visit in Singapore. The Australian prime minister also met with Singapore's President Tony Tan Keng Yam, and delivered the 35th Singapore Lecture on "Our Common Challenges: Strengthening Security in the Region" on Monday.