- Posted by camryn_admin
- On April 8, 2021
- 0 Comments
In 2005, the two nations signed the Comprehensive Agreement on Economic Cooperation (ECSC) and organized the India-Singapore Parliamentary Forum and the Singapore-India Partnership Foundation, with the active support of the Federation of Indian Chambers of Commerce and Industry (FICC), the Confederation of Indian Industry (CII) and the Singapore Federation of Business to promote trade, economic development and partnerships.    The ECSC removes customs barriers, double taxation, dual procedures and rules, and has granted unfettered access and cooperation between singapore and India`s financial institutions.   The ECSC has also strengthened bilateral cooperation in the fields of education, science and technology, intellectual property, aviation and has enabled Indian specialists in information technology, medicine, engineering and finance.   Singapore has invested in projects to modernize Indian ports, airports and the development of information technology parks and a Special Economic Zone (SEZ).  India has become Singapore`s fourth largest tourist destination and more than 650,000 Indians visited Singapore in 2006. The two nations have collaborated in the fields of aeronautics, aerospace, space programs, information technology, biotechnology and energy.  While the Ministry of Trade and Industry (MTI) issued a statement indicating that Singaporeans are “understandable” with competition from skilled workers, managers and foreign executives (SMEs) due to the current sluggish economic and employment situation. However, it is “misleading” to say that the number of Indian SMEs, particularly intragroup takers, is exclusively or largely transferred to the ECSC. MTI also rejected the fact that “none of our free trade agreements, including Ceca, require us to automatically provide employment passports to every foreigner.” In addition, “all foreigners applying for a work card must meet our predominant criteria and all companies must respect fair hiring rules.” Despite the government`s clarification on this issue, citizens in the network remain skeptical of the Singapore-India free trade agreement.
 Free trade agreements are agreements that facilitate trade and investment between two or more economies. Singapore has an open economy, fuelled by trade in goods and services. Over the years, it has established an extensive network of 25 agreements implemented. The comprehensive agreement between India and Singapore, also known as the Comprehensive Economic Cooperation Agreement or simply the ECSC, is a free trade agreement between Singapore and India aimed at strengthening bilateral trade. It was signed on June 29, 2005.  Singapore and India successfully concluded the second revision of the India-Singapore Comprehensive Economic Cooperation Agreement (ECSC) on 1 June 2018, in the presence of Indian Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong.  It allows the movement of four types of businessmen between Singapore and India.