The Government of India and Government of Singapore have signed a Protocol to amend the India-Singapore Comprehensive Economic Cooperation Agreement (CECA) to expand the tariff liberalization package within the Trade in Goods Chapter.
To enhance bilateral trade and to strengthen economic relations in various fields, the Comprehensive Economic Cooperation Agreement (CECA) between India and Singapore was signed on 29th June, 2005 by the Prime Minister Dr. Manmohan Singh and H.E. Mr. Lee Hsien Loong, Prime Minister of Singapore and came into effect from 1-8-2005.
The Bilateral trade has shown tremendous growth since then with India's exports to Singapore during 2005-06 and 2006-07 at US$ 5.4 billion and US$ 6.02 billion registering a growth of 35.61% and 10.98% respectively and Singapore's export to India during 2005-06 and 2006-07 at US$ 3.4 billion and US$ 5.5 billion registering a growth of 26.49% and 63.10% respectively. India had a positive trade balance of US$ 551 million against Singapore in 2006-07.
Singapore had recently made a request for tariff elimination/reduction for certain products. The Government of India has now decided to agree to eliminate/reduce tariff on 539 products (at 8-digit HS code) as an additional concession within the existing India-Singapore CECA.
Of the 539 tariff lines, tariff elimination is to be achieved in 5 equal cuts between 15th January 2008 and 1st December 2011 for 307 items. These 307 items comprise mainly of articles of base metal, machinery and mechanical appliances, chemicals and textile and textile articles.
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