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Bilateral Trade Agreement Between India And Singapore

Presented By-Bacchu Shukla Baidya(34)

04/07/2023 1International Marketing

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Background Of India and Singapore

India and Singapore share long-standing cultural, commercial and strategic relations, with Singapore being a part of the "Greater India" cultural and commercial region. More than 300,000 people of Indian origin live in Singapore. Following its independence in 1965, Singapore was concerned with China-backed communist threats as well as domination from Malaysia and Indonesia and sought a close strategic relationship with India, which it saw as a counter-balance to Chinese influence and a partner in achieving regional security.

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India- Singapore Relations

The bilateral relations between the Republic of India and the Republic of Singapore have been traditionally strong, with both nations enjoying extensive cultural and commercial relations.

In recent years, India and Singapore have signed the Comprehensive Economic Cooperation Agreement (CECA) to increase trade, investments and economic cooperation and expanded bilateral cooperation, training forces, conducting joint exercises, developing maritime security, Training military technology and fighting terrorism.

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Development of bilateral relations

Ever since Singapore's independence, both nations have maintained high-level contacts. Between 1966 and 1971 the Prime Minister of Singapore Lee Kuan Yew visited India three times (1966, 1970 and 1971).

Singapore supported India's bid to become a permanent member of the U.N. Security Council and expand its role and influence in the Association of Southeast Asian Nations(ASEAN). Singapore also supported India in its war against Pakistan in 1965 and the Kashmir conflict.

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Contd…..

In 2003, India and Singapore signed a bilateral agreement on expanding military cooperation, conducting joint military training, developing military technology and achieving maritime security.

The Singaporean Navy and the Indian Navy have conducted joint naval exercises and training since 1993 such as SIMBEX and MILAN near India's Andaman and Nicobar Islands. India and Singapore have also expanded their cooperation in fighting terrorism.

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Trade Agreements Between India And Singapore

Singapore is the 8th largest source of investment in India and the largest amongst ASEAN member nations. It is also India's 9th biggest trading partner as of 2005-06. Its cumulative investment in India totals USD 3 billion as of 2006 and it rise up to US 5 billion in 2010 and US 10 billion by 2015.

India’s main exports to Singapore included petroleum, gemstones, jewellery, machinery and its imports from Singapore included electronic goods, organic chemicals and metals.

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Contd…..

In 2005, both nations signed the Comprehensive Economic Cooperation Agreement (CECA) and have organised the India-Singapore Parliamentary Forum and the Singapore-India Partnership foundation with active support from the Federation of Indian Chambers of Commerce and Industry(FICCI), the Confederation of Indian Industry (CII) and the Singapore Business Federation to promote trade, economic development and partnerships.

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Contd…..

The CECA eliminated tariff barriers, double taxation, duplicate processes and regulations and provided unhindered access and cooperation between the banks and financial institutions of Singapore and India. The CECA also advanced bilateral cooperation over education, science and technology, intellectual property, aviation and relaxed visa regulations for Indian professionals in information technology, medicine, engineering and financial fields to emigrate and work in Singapore.

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Contd…..

Singapore has invested in projects to upgrade India's ports, airports and developing information technology parks and a Special Economic Zone (SEZ). India has become Singapore's 4th biggest tourist destination and more than 650,000 Indians visited Singapore in 2006. Both nations have worked to collaborate on aviation, aerospace engineering, space programmes, information technology, biotechnology and energy.

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Trade with India

Exports

2005-2006 - US$ 24,01,965.252006-2007 - US$ 27,46,160.82 2007-2008 - US$ 29,66,223.242008-2009 - US$ 37,75,688.182009-2010 - US$ 35,94,829.70

Imports

2005-2006 - US$ 14,84,833.35 2006-2007 - US$ 24,83,996.69 2007-2008 - US$ 32,68,217.81 2008-2009 - US$ 34,56,141.62 2009-2010 - US$ 30,62,330.81

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Commodities of Indian Exports to Singapore

cotton

Textiles

Tea & Coffee

Rice & Wheat

Pickles

Mango Pulp

Preserved Vegetables etc…

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Commodities of India Imports from Singapore

Consumer electronics

Information technology products

Petroleum products

Pharmaceuticals

Chemicals 

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