India, S’pore agree to improve biz access
SINGAPORE: India and Singapore have agreed to upgrade their Comprehensive Economic Cooperation Agreement soon to boost bilateral trade as the two sides today signed eight agreements in the fields of the training of public service officials, cyber security, narcotics control and defence cooperation.
The two sides concluded the second review of the Comprehensive Economic Cooperation Agreement (CECA) in the presence of Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong.
The review includes expanded tariff concessions for an additional 30 products and improved rules to provide more flexibility for Singapore exports into India to qualify for preferential tariffs under the agreement, Singapore’s Ministry of Trade and Industry (MTI) said after the completion of review.
“I am especially happy about the completion of the second review of our Comprehensive Economic Cooperation Agreement. But both of us agree that second review is not our destination, it is just a halt. Our executives will soon start discussions to upgrade and improve this agreement,” Modi said after his talks with Lee.
Modi is here on a three-day visit.
“The upgraded agreement will enable more Singapore companies to qualify for lower tariffs,” Singapore’s Minister for Trade and Industry S Iswaran said.
“This improves local exporters’ access to the Indian market. I encourage our companies to make full use of the upgraded agreement and explore more opportunities for collaboration in India.”
Another key benefit from the upgraded CECA includes a mutual recognition agreement on nursing to facilitate a better understanding in regulating training and practice of nursing.
The India-singapore CECA entered into force on August 1, 2005, and had its first review concluded on October 1, 2007.
During Modi’s visit, the two sides signed eight agreements, including a mutual recognition pact on Nursing.
Implementation agreement signed between the Indian Navy and Republic of Singapore Navy concerning mutual coordination, logistics and services support for naval ships, submarines and naval aircraft (including Ship borne Aviation Assets) visits.
Extension of the Memorandum of Understanding signed between the Indian Computer Emergency Response Team (CERT-IN) and the Singapore Computer Emergency Response Team (SINGCERT) in the area of cyber security.
The Narcotics Control Bureau (NCB) of India and the Central Narcotics Bureau (CNB) of Singapore signed an MOU on cooperation to combat illicit trafficking in narcotic drugs, psychotropic substances and their precursors. Memorandum of Understanding on cooperation in the field of personnel Management and public administration.