As Prime Minister Narendra Modi arrived in Singapore on the third leg of his five-day three-nation visit, India and Singapore on Friday agreed to improve access for businesses in each other's markets. Both the countries have concluded the second review of the Comprehensive Economic Cooperation Agreement (CECA).
The review includes enhancements such as expanded tariff concessions for an additional 30 products and improved rules to provide more flexibility for Singapore exports into India to qualify for preferential tariffs under the agreement, according to Singapore's Ministry of Trade and Industry (MTI).
Modi's Singaporean counterpart Lee Hsien Loong was also present during the second CECA review.
"The upgraded agreement will enable more Singapore companies to qualify for lower tariffs," Minister for Trade and Industry S Iswaran said.
"This improves local exporters' access to the Indian market. I encourage our companies to make full use of the upgraded agreement and explore more opportunities for collaboration in India," he said.
Another key benefit from the upgraded CECA includes a mutual recognition agreement on nursing to facilitate a better understanding in regulating training and practice of nursing.
The India-Singapore CECA entered into force on August 1, 2005, and had its first review concluded on October 1, 2007.
During Modi's visit, the two sides have signed several agreements including a mutual recognition pact on Nursing and exchange MoUs.
PM Modi's three-nation visit to Indonesia, Malaysia and Singapore aims to enhance India's relations and engagements with all the three countries, which forms Association of Southeast Asian Nations (ASEAN).
(With inputs from agencies)