In order to boost bilateral trade, India and Singapore have signed the Second Protocol amending the Comprehensive Economic Cooperation Agreement (CECA). Both sides agreed to expand the coverage of tariff concessions, liberalize the Rules of Origin, rationalize Product Specific Rules and include provisions on Certificate of Origin and Cooperation on its verification. These measures will further facilitate trade between India and Singapore and in addition enhance utilization of CECA.
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. The CECA was the first comprehensive agreement covering trade in goods, services and investments, which India had signed with any of its trading partners. The CECA was signed on June 29, 2005 and its first review was concluded on October 1, 2007.
Besides, Singapore is the second largest trading partner of India within Association of Southeast Asian Nations (ASEAN), while India is the largest trading partner of Singapore in South Asia, with a bilateral trade of $17.7 billion in FY18. Singapore's trade with India constitutes about 21.8 percent of India's total trade with ASEAN and 2.3 percent of its global trade. India had a trade surplus of $2.73 billion with Singapore in FY18.