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India Singapore Bilateral Economic Relations – An Overview
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| India Singapore
Trade and Economic Relations
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Singapore is India’s largest trading and investment partner in ASEAN. The increasingly close relations-economic, commercial and investment between India and Singapore in recent years have been underpinned by a dramatic growth in bilateral trade and investments. India is looking for infrastructure investments, critical technologies and export markets. Singapore has surplus capital and could be a useful partner in infrastructure development in India as well as investment in Indian companies.
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| India and Singapore signed on 29th June 2005, a Comprehensive Economic Cooperation Agreement (CECA), which is the first such agreement signed by India with any country. CECA integrate agreements on trade in goods and services, investment protection and economic cooperation in fields as education, intellectual property and science and technology. It also provides for mutual recognition agreements that will eliminate duplicate testing and certification of products in sectors requiring mandatory technical requirements and would facilitate easier movement of qualified professionals between the two countries. The quantum of trade in goods between the two countries has gone up by 30 % in the post CECA phase and the buoyant trend is expected to continue. |
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| India and Singapore are mutually important economic partners. Singapore is India’s most important trading partner amongst the ASEAN countries and also India’s gateway to ASEAN and China. It is India’s largest export partner as well as the largest source of imports from ASEAN. |
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India is Singapore’s 10th largest trading partner with a growing share of 1.87 % in 2004, 2.32 % in 2005, 2.46 % in 2006, 2.80% in 2007 & during the period Jan – Apr 2008, Singapore’s total trade with India stood at S$ 10.285 billion constituting 3.31 % of Singapore’s total world trade
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