India, Singapore sign Second Protocol amending Comprehensive Economic Cooperation Agreement

Aug 25, 2018 10:05 IST
India, Singapore sign Second Protocol amending Comprehensive Economic Cooperation Agreement

India and Singapore on August 24, 2018 signed the Second Protocol amending the Comprehensive Economic Cooperation Agreement (CECA) to boost bilateral trade between the two countries.

The Protocol was signed in New Delhi by Rajneesh, Joint Secretary in the Union Ministry of Commerce and Industry; and Francis Chong, Senior Director of the Singapore's Ministry of Trade and Industry.

Key Highlights

• 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.

• Both the 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 utilization of CECA.

• The provisions of the Second Protocol will come into effect on September 14, 2018.

CECA and Conclusion of its Second Review

  • The Comprehensive Economic Cooperation Agreement (CECA) was signed on June 29, 2005.
  • The CECA was the first comprehensive agreement signed by India with any of its trading partners, covering trade in goods, services and investments.  
  • Its First Review was concluded on October 1, 2007.
  • The signing of the Second Protocol formally brings the negotiations on Second Review of the CECA to a closure, depicting that both the sides successfully reached the level of mutual understanding and agreement. The Second Review began on May 11, 2010.
  • The conclusion of the Second Review of CECA was announced during the visit of the Prime Minister Narendra Modi to Singapore on June 1, 2018.

India-Singapore bilateral trade

Singapore is the second largest trading partner of India within ASEAN. Singapore’s trade with India constitutes about 21.8 percent of the total trade with ASEAN and 2.3 percent of country's global trade.

On the other hand, India is the largest trading partner of Singapore in South Asia, with a bilateral trade of USD 17.7 billion in 2017-18. India had a trade surplus of USD 2.73 billion with Singapore in 2017-18.

 

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