India, Singapore set for ‘next phase’ of ties

India and Singapore have enjoyed steadfast relations for five decades, which were enhanced under the 2005 Comprehensive Economic Cooperation Agreement (CECA), a free-trade pact promoting economic and trade activities.
Singapore’s Minister for Trade and Industry S Iswaran told PTI that both sides have been working hard on the CECA.
“The objective is really to create a high quality agreement that will be a gateway for the next phase of economic partnership between the two countries.
“I think there has been substantial progress.”
Singapore is India’s second largest investor, especially in the power and port sectors.
The CECA is being further reviewed and would encourage more international investments through Singapore into development projects taking place in India.
Iswaran said the two prime ministers will probably talk about the timeline expected for completion of the CECA review.
Singapore Prime Minister Lee Hsien Loong is paying a five-day visit to India starting on Monday with an aim to deepen ties in a range of areas including trade and investment.
He will explore ways with Prime Minister Narendra Modi to bolster ties between the two countries.
Railway Minister Suresh Prabhu said India could draw from Singapore’s experience in areas like developing railway stations and smart cities, financing infrastructure and harvesting rainwater.
Besides, India was looking to go beyond borders for enhancing connectivity with countries like Bangladesh and Myanmar in the future as it looks to expand the freight corridor network.
India could leverage its demographic dividend by providing offshore services in sectors like medicine and banking to other countries, he added.