India and Singapore on Friday signed the Second Protocol amending the Comprehensive Economic Cooperation Agreement (CECA) here which will boost bilateral trade between India and Singapore.
Both sides agreed to expand the coverage of tariff concessions, liberalise the Rules of Origin, rationalise 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 utilisation of CECA.
The Protocol amending CECA will give effect to the provisions agreed between India and Singapore during the closure of the Second Review of India Singapore CECA.
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 per cent of the total trade with ASEAN and 2.3 per cent of country’s global trade.
India had a trade surplus of USD 2.73 billion with Singapore in 2017-18, according to an official statement.
The Protocol was signed by Deputy Chief Negotiators, 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 the first comprehensive agreement covering trade in goods, services and investments, which India had signed with any of its trading partners.
India and Singapore have successfully reached mutual understanding and agreement in closing the second review.
The conclusion of the Second Review of CECA was announced during the State visit of Prime Minister Narendra Modi to Singapore on June 1, 2018. The provisions of the Second Protocol will come into effect on September 14, 2018.
The two countries are exploring the possibility of launching the third Review of India-Singapore CECA in September, 2018.
The CECA was signed on June 29, 2005 and its first review was concluded on October 1, 2007. Signing of the Second Protocol formally brings to closure, the negotiations on second review of CECA, which began on May 11, 2010.