Singapore Government Press Release
Media Relations Division, Ministry of Information, Communications and the Arts,
MITA Building, 140 Hill Street, 2nd Storey, Singapore 179369
Tel: 6837-9666

 

SIGNING OF DECLARATION OF INTENT TO CONCLUDE AN INDIA-SINGAPORE COMPREHENSIVE ECONOMIC COOPERATION AGREEMENT

 

On 8 April 2003 in New Delhi, BG(NS) George Yeo, Minister for Trade and Industry, and Shri Arun Jaitley, Minister for Commerce and Industry and Minister for Law and Justice, India, signed a Declaration of Intent to conclude a Comprehensive Economic Cooperation Agreement (CECA) between India and Singapore. The signing of the Declaration was witnessed by Prime Minister Mr Goh Chok Tong, and Prime Minister of India, Shri Atal Bihari Vajpayee. The text of the Declaration of Intent is in Annex A.

In the Declaration, the Ministers agreed that the Joint Study Group Report on the CECA would serve as a framework for subsequent negotiations. The Ministers also agreed that negotiations should begin as soon as possible and aim to conclude with the signing of the relevant agreements as early as possible.

The signing follows the completion of the Joint Study Group Report on the CECA (A copy of the report is available at www.mti.gov.sg). This report was presented to both Prime Minister Goh and Prime Minister Vajpayee before the signing of the Declaration.

The Joint Study Group was formed after Prime Minister Goh and Prime Minister Vajpayee met in Singapore on 8 April 2002 and agreed that the group be established to study the benefits of a CECA.

In its Report, the Joint Study Group concluded that the CECA between India and Singapore would provide significant benefits for both countries, in terms of the potential for increased trade and investment, and through economic cooperation.

The Joint Study Group envisaged that the CECA would be structured as an integrated package of agreements between India and Singapore, including:

    1. A Free Trade Agreement, which would include, inter alia, trade in goods and services, and investment.

    2. A bilateral agreement on investment promotion, protection and co-operation.

    3. An Improved Double Taxation Avoidance Agreement.

    4. A more liberal Air Services Agreement, and Open Skies for Charter Flights.

    5. A work program for economic co-operation covering areas outlined in the Joint Study report, including, inter alia, the creation of the India � Singapore Fund, the setting up of a second India Centre in Singapore and Tourism Co-operation.


The Joint Study Group also recommended that negotiations for the India�Singapore CECA begin as soon as possible, with the aim to conclude negotiations and sign the relevant agreements within 12 to 18 months from the submission of the Report to the Prime Ministers.

The Joint Study Group was co-chaired by Mr Lim Chin Beng, Member of the Public Service Commission, and Dr Rakesh Mohan, Deputy Governor of the Reserve Bank of India. The list Members of the Joint Study Group are in Annex B of this release.

 

MINISTRY OF TRADE AND INDUSTRY
9 APRIL 2003

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Annex A

DECLARATION OF INTENT ON THE INDIA-SINGAPORE COMPREHENSIVE ECONOMIC COOPERATION AGREEMENT (CECA)

On 8 April, 2002, the Prime Minister of India, Shri Atal Bihari Vajpayee, and Prime Minister of Singapore, Mr. Goh Chok Tong, met in Singapore and agreed to establish a Joint Study Group to study the benefits of an India-Singapore Comprehensive Economic Cooperation Agreement (CECA).

The Joint Study Group met seven times, alternately in India and Singapore, and has submitted its report to the two Prime Ministers. In its report, the Joint Study Group has concluded that a CECA between India and Singapore would provide significant benefits for both countries, in terms of the potential for increased trade and investment, and through economic cooperation.

As important as the direct economic benefits the CECA would bring to the two countries, the CECA would serve to strengthen ties between India and Singapore, and to form a bridge between India and the ASEAN region.

Significantly, the CECA could serve as a pathfinder for the India-ASEAN Free Trade Agreement, and to connect Singapore to one of the world�s most dynamic emerging economies. The CECA would also strengthen and catalyse the multilateral trading system.

We agree that the Joint Study report will serve as a framework for subsequent negotiations on a CECA. Negotiations for the India-Singapore CECA should begin as soon as possible and aim to conclude with the signing of the relevant agreements as early as possible.

Shri Arun Jaitley

Minister for Commerce and Industry

For the Government of India

BG(NS) George Yeo
Minister for Trade and Industry
For the Government of Singapore

 

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Annex B

Members of the Joint Study Group on the India-Singapore Comprehensive Economic Cooperation Agreement

Singapore

India

Mr Lim Chin Beng (Co-Chairman)
Member
Public Service Commission
Singapore

Dr Rakesh Mohan (Co-Chairman)
Deputy Governor
Reserve Bank of India
India

Mr Goh Aik Guan
Deputy Secretary
Ministry of Trade and Industry
Singapore

Mr S.N. Menon
Additional Secretary
Department of Commerce
Ministry of Commerce & Industry India

Mr Wong Kwok Pun
Director
Ministry of Foreign Affairs
Singapore

Mr B.P. Misra
Additional Secretary
Department of Expenditure Ministry of Finance
India

Mr Kwek Leng Joo
Vice Chairman
Singapore Business Federation
Singapore

Mr Rajiva Misra
Joint Secretary
Ministry of External Affairs
India

Mr S Iswaran
Managing Director
Temasek Holdings
Singapore

Mr Sanjiv Goenka
Vice Chairman
RPG Enterprises
India

 

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