4th meeting of India-Singapore Joint Working Group discussed bilateral trade, investment ties

New Delhi [India], August 15 (ANI): The 4th meeting of the India-Singapore joint working group on Trade & Investment (JWGTI) took place at Vanijya Bhawan in New Delhi on Thursday, bringing the two nations together to strengthen economic cooperation and chart future areas of partnership. The meeting was held a day after the 3rd India-Singapore Ministerial Roundtable, underscoring a week of intensive bilateral engagement.

According to a Ministry of Commerce & Industry press release, the discussions centred on expanding trade and investment links, identifying priority sectors for alignment, improving logistics and supply chain efficiency, simplifying regulations, and enhancing cross-border trade facilitation.

During the meeting, both sides reviewed progress in existing collaborations, including work in the semiconductor sector and the digitalisation of trade processes. They also explored new opportunities in skills development, capacity building, and other emerging industries.

The talks were co-chaired by Rajesh Agrawal, Special Secretary, Department of Commerce, Ministry of Commerce and Industry, and Beh Swan Gin, Permanent Secretary, Ministry of Trade and Industry, Singapore.

Agrawal noted that the India-Singapore relationship has moved beyond traditional trade frameworks, with ample opportunities for further cooperation still ahead.

This year marks significant milestones: the 60th anniversary of diplomatic ties between the two countries and the 20th anniversary of the comprehensive economic cooperation agreement (CECA). Signed in 2005, CECA was India first comprehensive trade agreement with any country and Singapore first such pact with a South Asian nation.

Singapore remains a key economic partner for India. It is India largest trading partner within ASEAN, with bilateral trade touching USD 34.26 billion in 2024-25. The island nation is also India second-largest source of Foreign Direct Investment, contributing USD 163.85 billion (about Rs. 11,24,509.65 crore) in equity inflows between April 2000 and July 2024, accounting for roughly 24 per cent of cumulative FDI inflows.

The gathering reaffirmed the shared intent to strengthen economic ties, while setting the stage for further technical discussions and follow-up actions in the coming months. (ANI)

Disclaimer: This news article is a direct feed from ANI and has not been edited by the News Nation team. The news agency is solely responsible for its content.