14:15 | 28/08/2018 Global Economy
India and Singapore signed the second protocol amending their Comprehensive Economic Cooperation Agreement (CECA) in New Delhi on August 24.
|At the signing ceremony of the protocol - Source: India's Ministry of Commerce and Industry|
According to a statement released by India’s Ministry of Commerce and Industry, the protocol is expected to boost bilateral between the two countries.
The CECA is the first comprehensive agreement between the two countries covering trade in goods, services and investment, which India has signed with any of its trading partners.
The deal was signed on June 29, 2005 and its first review was concluded on October 1, 2007.
The two countries are exploring the possibility of launching the 3rd Review of India-Singapore CECA in September, 2018.
Singapore is the second largest trading partner of India within ASEAN and India is the largest trading partner of Singapore in South Asia, with bilateral trade of US$17.7 billion in the 2017-18 period.
Bilateral trade between the two countries constitutes about 21.8 percent of India’s total trade with ASEAN.