India and Singapore Aug. 24 signed the "Second
Protocol" amending the Comprehensive Economic Cooperation Agreement to
boost trade ties between the two countries, an official statement said.
The Protocol was signed by Deputy Chief
Negotiators, Shri Rajneesh, Joint Secretary, Ministry of Commerce and Industry,
Government of India and Mr. Francis Chong, Senior Director, Ministry of Trade
and Industry, Government of Singapore.
The CECA was signed on 29th June,
2005 and its first review was concluded on 1st October, 2007.
India and Singapore have successfully reached
mutual understanding and agreement in closing the second review. Both
sides agreed to expand the coverage of tariff concessions, liberalize the Rules
of Origin, rationalize Product Specific Rules and include provisions on
Certificate of Origin and Cooperation on its verification.
These measures will further facilitate trade between
India and Singapore and also improve utilization of CECA.
. The conclusion of the Second Review of CECA was
announced during the State visit of the Prime Minister of India to Singapore on
1st June, 2018. The provisions of the Second Protocol
will come into effect on 14th September, 2018.
The two countries are exploring the possibility of
launching the 3rd Review of India-Singapore CECA in September,
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 USD 17.7 billion in 2017-18.
Singapore’s trade with India constitutes about 21.8% of our total trade with
ASEAN and 2.3% of our global trade. India had a trade surplus of USD 2.73
billion with Singapore in 2017-18.