INVC,,
Delhi,,
Anand Sharma, Union Minister of Commerce and Industry, and Mr Lim Hng Kiang, Minister for Trade and Industry, Singapore, launched the 2nd Review of the India-Singapore Comprehensive Economic Cooperation Agreement (CECA), here today. The Ministers agreed on a ‘bilateral economic roadmap’ to take the CECA forward in the coming 5 years. India – Singapore CECA came into existence in August 2005 and has been reviewed once in 2007.
The Ministers also reviewed India-Singapore bilateral trade and investment and agreed to further strengthen these linkages through continued support and facilitation to the industry and businesses. They agreed to establish an India-Singapore CEOs Forum. On this occasion, the Ministers signed a ‘Special Scheme for Registration of Generic Medicinal Products from India’ that seeks to fast-track the registration process for Indian Generic Medicines in Singapore.
The Ministers also discussed the current state of play in the negotiations towards the India-ASEAN Services and Investment Agreement. They also reviewed the progress under the ASEAN+6 Dialogue and reaffirmed their commitment towards a Comprehensive Economic Partnership in East Asia (CEPEA).
Shri Sharma showcased the enormous opportunities for investments in the infrastructure sector in India and specifically highlighted the Delhi-Mumbai Industrial Corridor (DMIC) project for Singaporean investors.
India-Singapore Bilateral Economic Roadmap
1. Increase bilateral trade
• Target to double annual bilateral trade by 2015
.Expansion of CECA’s product coverage and parity with Rules of Origin in other FTAs signed by India, specifically the AI FTA and the India-Korea FTA.
• Broaden Mutual Recognition Agreements (MRAs) on Goods under CECA to facilitate trade.
• Assess implementation of CECA Services Chapter with a view to further improvement.
2. Promote greater business and investment flows
• Identify ways in which Indian businesses can leverage on Singapore as a business hub in the Asia Pacific to support their international expansion.
• Promote bilateral business missions to promote trade and investment.
3. Cooperation in India’s infrastructure development
• To identify more opportunities for Singapore companies to participate in Public-Private Partnership projects in India.
• Explore how India can use Singapore as a base to raise infrastructure funding.
4. Broaden bilateral co-operation
• Explore and develop co-operation, beginning with science and technology, intellectual property rights, and the media, as provided for under the CECA Cooperation Chapters.
5. Encourage more people flow
• Increase two-way flow of tourists, businessmen and professionals
• Expedite conclusion of MRAs for dentistry, medical, nursing, architecture, accountancy and company secretary professionals on priority
• Explore expansion of the provisions of CECA to liberalize and facilitate movement of Indian professionals to Singapore.
• Develop closer co-operation in tourism
