Industry & Economy
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Foreign Trade
Singapore hopeful of signing trade pact with India
Our Bureau
New Delhi
,
June 17
POSING confidence over the signing of Comprehensive Economic Cooperation Agreement (CECA) shortly, Mr Chak Mun See, High Commissioner of Singapore, has said that he is confident that the new Government in India would enter into the Agreement.
Allaying the domestic industry's fears that the proposed CECA would hurt it, Mr See said that adequate safety measures would be taken to ensure that the Agreement is not used to dump goods of foreign origin in the Indian markets. At present, the Indian industry is fearsome because there is no import duty in Singapore except on select goods such as tobacco and liquor.
Emphasising that the Agreement would be good for India to establish itself in the ASEAN region, Mr See said that the Indian industry could take advantage of the Free Trade Agreement (FTA) that Singapore already has with countries like the US to widen its market. He mentioned that already more than 2,500 Indian companies had set up base in Singapore.
In response to the recommendation of the Joint Study Group formulated to discuss the modalities to set up a Joint Investment Fund of $1 billion under the Agreement, he said that project-based investment commitments might be considered for Indo-Singapore joint ventures instead.
Mr See expressed the desire of Singapore industry to further develop business links between the two countries.
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