Singapore Iga Agreement
The Singapore-India Comprehensive Economic Cooperation Agreement (CECA), also known as the Singapore-India Free Trade Agreement, was signed on 29 June 2005 and came into effect on 1 August 2005. The agreement is aimed at strengthening economic ties between the two countries and creating new opportunities for businesses in Singapore and India.
Under the agreement, Singapore and India agreed to eliminate tariffs on goods traded between the two countries. This has led to an increase in bilateral trade between the two countries, with Singapore becoming India`s top foreign investor and India becoming Singapore`s largest trading partner in South Asia.
The agreement also includes provisions for the liberalisation of services, including financial services, telecommunications, and professional services. This has led to increased cooperation between the two countries in these areas, with Singapore being a hub for Indian businesses looking to expand into Southeast Asia.
In addition, the CECA includes provisions for the protection of intellectual property rights, the promotion of investment, and the facilitation of trade through the streamlining of customs procedures. These measures have helped to create a more conducive business environment for companies in both Singapore and India.
Overall, the Singapore-India CECA has been a success in strengthening economic ties between the two countries. It has created new opportunities for businesses in both countries and has led to increased cooperation in key areas such as services and investment. As both countries continue to grow and develop, the CECA will continue to play an important role in their economic relationship.
