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LAUNCH OF THE 2ND REVIEW OF INDIA-SINGAPORE CECA
TARGET TO DOUBLE ANNUAL BILATERAL TRADE BY 2015
Date : 11 May 2010
Location : New Delhi
Shri 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
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RJ/MRS
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