- Singapore is second largest trading partner of India within ASEAN and India is largest trading partner of Singapore in South Asia with bilateral trade of US $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 trade surplus of US $2.73 billion with Singapore in 2017-18.
India-Singapore : CECA
- CECA was first comprehensive agreement covering trade in goods, services and investments signed by India with any of its trading partners.
- It was signed in June, 2005 and its first review was concluded in October, 2007.
- The second review was started in May 2010.
- In closing second review, India and Singapore had successfully reached mutual understanding and agreement.
- They also had agreed to expand coverage of tariff concessions, liberalize 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 second review was announced during state visit of Prime Minister Narendra Modi to Singapore in June, 2018.
- Now, both countries are exploring the possibility of launching the 3rd Review of India-Singapore CECA in September, 2018.