India has expanded the scope of its Comprehensive Economic Cooperation Agreement (CECA) with Singapore, its second largest trading partner in ASEAN. The bilateral trade between the two countries stood at USD 17.7 billion in 2017-18. India had a trade surplus of USD 2.73 billion with Singapore in 2017-18.
India and Singapore recently signed the Second Protocol amending the Comprehensive Economic Cooperation Agreement (CECA) in New Delhi.The signing of the Second Protocol, amending CECA, will boost bilateral trade between India and Singapore.The CECA was the first comprehensive agreement covering trade in goods, services and investments, which India had signed with any of its trading partners. The CECA was signed on 29th June, 2005 and its first review was concluded on 1st October, 2007.
Signing of the Second Protocol would entail expanding the coverage of tariff concessions, liberalize the 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.