Signalling further deepening of business, economic and trade collaboration between the two countries, India and Singapore have launched the 3rd review of Comprehensive Economic Cooperation Agreement (CECA). The review was launched by India’s minister of commerce & industry, Suresh Prabhu, and minister of trade relations of Singapore, S Iswaran.
The India-Singapore CECA is in force since 2005. As a part of the review process, the two sides will discuss ways to further relax rules and norms to promote trade and investments.
Singapore is the second largest trading partner of India within ASEAN and India is the largest trading partner of Singapore in South Asia, with a bilateral trade of $17.7 billion in 2017-18. Singapore’s trade with India constitutes about 21.8 per cent of India’s total trade with ASEAN and 2.3 per cent of its global trade. India had a trade surplus of $2.73 billion with Singapore in 2017-18.
During a meeting to launch the review held last week in Singapore, Prabhu and Iswaran also discussed ways to further promote trade of goods, services and boosting investments, an Indian commerce ministry statement said.
During his Singapore visit, Prabhu also participated in the 15th ASEAN Economic Ministers-India Consultations. In the meeting, India reaffirmed the need for review of ASEAN-India Trade in Goods Agreement. The Indian commerce & industry ministry attended East Asia Summit (EAS), where the members exchanged views on regional and global trade. (RKS)
Fibre2Fashion News Desk – India