India, Singapore to review CECA
The assessment will be done later this month to fine tune the pact for enhancing trade and investment flows.india Updated: Mar 14, 2006 14:58 IST
India and Singapore will review the Comprehensive Economic Cooperation Agreement, which was signed last year.
The assessment will be done later this month to fine tune the pact for enhancing trade and investment flows between the two nations.
"Investment flows from Singapore to India have not really taken off. Though investments have increased, it has been far below expectations. This is one area that will be discussed," GK Pillai, Special Secretary in the Commerce Ministry, said at a CII seminar on CECA.
He said the ministerial-level review meeting on March 31 would also look at simplifying procedures and removing bottlenecks that businessmen from both sides have been facing.
The investments from Singapore to India have risen 300 per cent during April 2005-January 2006 to $200 million from $55 million in the corresponding period previous fiscal, Pillai said, adding the potential was much higher.
The meeting would focus on implementation issues, Loh Wai Keong, Singapore Deputy Secretary (Trade) in the Ministry of Trade and Industry, said.
The Singapore government would seek more feedback on how to increase mutual investments and trade, besides reducing trade barriers, he said.
Keong added the meeting might also discuss new areas that could be included under the ambit of CECA.
Keong said even before it was signed in June 2005, the CECA had helped double bilateral trade during 2003-2005.
India's exports to Singapore more than doubled to $3.6 billion in 2005 from $1.4 billion in 2003, he said.