Singapore signed a second protocol amending the Comprehensive Economic Cooperation
Agreement (CECA), which will boost bilateral trade with India, with both sides agreeing to
expand the coverage of tariff concessions. The provisions of the Second Protocol will come
into effect from September 14, 2018. “The two countries are exploring the possibility of
launching the 3rd Review of India-Singapore CECA in September 2018,” an official
Singapore is the second largest trading partner of India within ASEAN, while India is the
largest trading partner of Singapore in South Asia, with a bilateral trade of $17.7 billion in
2017-18. Singapore’s trade with India constitutes about 21.8 percent of India’s total trade with ASEAN and 2.3 per cent of its global trade.
Singapore Finance Minister Heng Swee Keat has also suggested greater support for startups
from India and Singapore and called for an innovation corridor between the two countries.
“First, besides liking up established businesses, we can do more to support our start-ups and
build an innovation corridor between Singapore and India,” said Heng on the sidelines of a
recent event. “We can explore more ways to connect businesses, perhaps through online and new data-driven platforms. This would give businesses an overview of the opportunities available and provide a near-instantaneous way of linking up,” he added.