Singapore and India set out road map to take Comprehensive Strategic Partnership forward

REVIEW OF TRADE PACT

Under the CSP road map, India and Singapore have agreed to deepen bilateral trade and market access by building on the Comprehensive Economic Cooperation Agreement (CECA) between both countries.

They also committed to making progress on starting a third review of CECA and achieving a “substantial” review of the ASEAN-India Trade in Goods Agreement (AITIGA) in 2025.

Mr Modi told the press that there would be a “time-bound” review of these trade pacts to accelerate trade. The bilateral CECA came into effect in 2005, while the regional AITIGA was implemented in 2010.

Singapore is India’s largest trade partner in Southeast Asia. Annual bilateral trade has more than doubled since CECA came into force, from S$20 billion (US$15.5 billion currently) to S$52.2 billion in 2023.

Singapore has also been India’s top foreign investor for seven years, while Indian investment into Singapore has also grown from S$481 million in 2004 to about S$31.6 billion in 2023.

Other areas of economic cooperation are in the semiconductor industry, industrial parks, capital markets, business-to-business engagement, the space sector and dispute resolution.

Both countries agreed to support the growth of India’s semiconductor ecosystem through channels like the India-Singapore Semiconductor Policy Dialogue.

They also agreed to facilitate partnerships with Singapore semiconductor companies, advance resilient supply chains, explore research and development together and promote workforce development.

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