India, Singapore Signed Agreements and MoU in New Delhi on 11 July 2012

India and Singapore signed three key bilateral agreements and a Memorandum of Understanding (MOU) on 11 July 2012, New Delhi. The agreements were signed by Prime Minister Manmohan Singh and Singaporean counterpart Lee Hsien Loong. While the MoU was signed by Indian Labour Minister Malikarjun Kharge and Singapore Education Minister Heng Swee Keat.

Key Highlights of the Agreements/MoU

•    Both the countries, in the memorandum of understanding have decided to renew the bilateral arrangement between the Air Forces on joint training
•    The military training agreement was signed between Indian Defence Secretary Shashi Kant Sharma and Singapore’s Permanent Secretary for Defence Chiang Chie Foo. It stated that
the military training that Indian armed forces extend to their Singaporean counterparts shall by all means continue.
•    The other agreement focused on expansion of joint ventures, technological collaboration both bilaterally and in third countries.
•    The agreement also stated that Singapore is all game for investment in education and health.
•    Both the countries in the agreement also decided to pin on defence cooperation.

Discussion Done During the Meet

•    Discussions were made on the fact that, the bilateral trade between India and Singapore touched $21.8 billion in 2012, also bilateral trade post-CECA has been growing at close to 20% annually on an average.
•    The two countries are working on deepening economic relations even outside south-east Asia, building linkages with companies where India and Singapore were associated.
•    Other talked about point was the liberalization of the aviation sector.
•    Also, SBF and FICCI will promote trade and investment missions in the country of the partner organization, focusing heavily on the highlighted sectors.

India and Singapore and their Bilateral Relations
Lee, who was on a three-day official visit to India, stressed that both countries are mutually important economic partners, with bilateral economic relations growing exponentially post signing of the Comprehensive Economic Cooperation Agreement (CECA) in 2005. Singapore is not only an important trading partner in ASEAN but also a major source of FDI inflows in India. India is Singapore’s eight largest investor.

India-Singapore bilateral trade accelerated to USD 17.44 billion in 2010-11 from USD 14.04 percent in 2009-10. The holistic agreement turned out to be fruitful and both the countries expect to achieve better milestones together.