India, Singapore aim to double bilateral trade in 5 yrs
Press Trust of India / New Delhi May 11, 2010, 16:10 IST
India today sought recognition of its professionals, such as doctors, nurses, accountants and architects, in Singapore even as the two countries set a target of doubling their $16-billion trade in the next five years.
Commerce ministers from the two countries launched the second review of the India-Singapore free trade and services agreement, officially known as the Comprehensive Economic Cooperation Agreement (CECA).
With the operationalisation of the CECA since August 2005, the two nations have opened up their trade in goods and services by reducing and eliminating duties.
Scaling up ambitions, they set new targets for their economic engagements in terms of further removing trade barriers and encouraging the flow of people from one country to the other.
Addressing a joint press conference with visiting Singapore Trade and Industry Minister Lim Hng Kiang, Commerce and Industry Minister Anand Sharma said, "We have agreed to work towards doubling bilateral trade, from USD 16 billion to USD 32 billion by 2015."
Sharma said officials from the two sides would meet every quarter to complete the second review in a time-bound manner. The first such exercise was taken up in 2007.
The year-long review would also find ways to encourage the two-way flow of tourists, businessmen and professionals.
Officials would also discuss measures to expedite the conclusion of Mutual Recognition Agreements (MRAs) for dental, medical, nursing, architecture, accountancy and company secretary professionals.
The two ministers also agreed to establish an India-Singapore CEOs Forum to enhance business activities.
Sharma spoke on the enormous investment opportunities in India's infrastructure sector, specifically highlighting the Delhi-Mumbai Industrial Corridor (DMIC) project, for Singaporean investors.
India asked Singaporean companies to invest in at least one of the 24 industrial zones in the $90-billion DMIC project.
Singapore is India's second-largest source of FDI.
Among other things, the ministers discussed the current state of play in negotiations towards the India-ASEAN Services and Investment Agreement. India and the 10-nation ASEAN had signed a FTA in goods last August.
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