This improves local exporters’ access to the Indian market.
Singapore and India agreed to cut tariff concessions for 30 products during the second review of the India-Singapore Comprehensive Economic Cooperation Agreement (CECA). The two countries also improved rules of origin to provide more flexibility for Singapore exports into India to qualify for preferential tariffs under the agreement.
According to an announcement, the enhancements to CECA will strengthen bilateral ties between Singapore and India through greater trade facilitation, allowing Singapore and Indian businesses increased access to each other’s markets.
Minister-in-charge of Trade Relations S Iswaran said, “The upgraded agreement will enable more Singapore companies to qualify for lower tariffs. This improves local exporters’ access to the Indian market. I encourage our companies to make full use of the upgraded agreement and explore more opportunities for collaboration in India.”
In 2017, total bilateral trade between Singapore and India amounted to $25.2b. India was Singapore’s largest trading partner in South Asia and Singapore was India’s second largest trading partner within ASEAN.
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