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New Delhi, Nov. 30 The Union Cabinet on Friday approved tariff elimination/reduction on 555 products through a protocol of amendment of India-Singapore Comprehensive Economic Cooperation Agreement (CECA).

Official sources told Business Line that the tariff concession exchanged with Singapore pertain mostly to manufactured products, including chemicals and petrochemical products, at the eight-digit level of commodity classification.

The Cabinet nod is also for offering to Singapore any subsequent improvement made at the time of ASEAN-India Free Trade Agreement (AIFTA) in terms of product coverage timeline, Rules of Origin with appropriate amendments to India-Singapore CECA.

The tariff concessions would further enhance growth in bilateral trade with economic benefits to both countries. As Singapore is a member country of ASEAN, improvement made in the ASEAN-India FTA over CECA might be dovetailed into CECA to maximise gains to both countries.

The tariff elimination/reduction would start from December 1, an official release said.

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