CECA Current Affairs - 2019
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India and Singapore have signed Second Protocol amending Comprehensive Economic Cooperation Agreement (CECA) in New Delhi. Its provisions will come into effect on 14th September, 2018.
Second Protocol amending CECA
It will help to boost bilateral trade between India and Singapore. It formally brings to closure negotiations on second review of CECA. It will give effect to provisions agreed between India and Singapore during closure of second review of CECA. It will give effect to provisions agreed between India and Singapore during closure of the second review of CECA.
CECA was first comprehensive agreement covering trade in goods, services and investments signed by India with any of its trading partners. It was signed in June, 2005 and its first review was concluded in October, 2007. The second review was started in May 2010. In closing second review, India and Singapore had successfully reached mutual understanding and agreement. They also had agreed to expand coverage of tariff concessions, liberalize Rules of Origin, rationalize Product Specific Rules and include provisions on Certificate of Origin and Cooperation on its verification. These measures will further facilitate trade between India and Singapore and also improve utilization of CECA. The conclusion of second review was announced during state visit of Prime Minister Narendra Modi to Singapore in June, 2018. Now, both countries are exploring the possibility of launching the 3rd Review of India-Singapore CECA in September, 2018.
Singapore is second largest trading partner of India within ASEAN and India is largest trading partner of Singapore in South Asia with bilateral trade of US $17.7 billion in 2017-18. Singapore’s trade with India constitutes about 21.8% of our total trade with ASEAN and 2.3% of our global trade. India had trade surplus of US $2.73 billion with Singapore in 2017-18.
India and Singapore have signed three agreements (MoUs) in the fields of skill development and IPR to boost bilateral relations between them.
These agreements were signed in New Delhi during Singapore Prime Minister Lee Hsien Loong’s official state visit to India.
Signed MoUs are
- MoU in the field of Industrial Property Cooperation: It was signed between Department of Industrial Policy & Promotion (DIPP) and Intellectual Property Office (IPO), Singapore
- MoU on collaboration in the field of Technical and Vocational Education and Training: It was signed between National Skill Development Corporation (NSDC) and ITEES Singapore.
- MoU on collaboration in the field of Technical and Vocational Education and Training: It was signed between Government of Assam and ITEES Singapore.
Besides, delegation-level talks headed by Prime Minister Narendra Modi and Singapore Premier Lee Hsien Loong were also held in New Delhi.
Key Highlights of delegation-level talks
- India and Singapore decided to strengthen cooperation in countering threats of rising terrorism.
- India seeks to enhance cooperation with Singapore in key sectors including trade and investment.
- Highlighted importance of Defence and security cooperation as the key pillar of strategic partnership between India and Singapore.
- Raised concern over rising tide of terrorism, especially cross-border terrorism and the rise of radicalisation as a grave challenges to our security.
- India agreed to expedite the second review of Comprehensive Economic Cooperation Agreement (CECA).