India-Singapore Current Affairs

India, Singapore sign second protocol amending CECA

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.

Background

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.

India-Singapore Trade

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.

Month: Categories: India Current Affairs 2018

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PM Narendra Modi launches 3 Indian mobile payment apps in Singapore

Prime Minister Narendra Modi launched three Indian mobile payment applications BHIM, RuPay and UPI enabled remittance app of SBI in Singapore aimed at internationalisation of the country’s digital payment platforms. They were launched at ‘Business, Innovation and Community Event’ held in Singapore where digital platform was the main theme.

Key Facts

RuPay digital payments system: It was linked up with Singapore’s 33-year-old Network for Electronic Transfers (NETS). It will enable RuPay users to make payments at all NETS acceptance points across Singapore. Besides, holders of Singapore NETS will be also able to make online purchases on National Payments Corporation of India (NPCI) e-commerce merchant website, using 2.8 million RuPay point-of-sale (PoS) terminals in India. This linkage will help to create multi-billion-dollar transactions as some 5 million Indians who travel to and transit through Singapore.

SBI’s UPI based rupee remittance app: It was also launched at Singapore branch of the SBI. It will help to expand remittance offering. It will help Indian blue-collar workers working in Singapore to send remittance of up to Rs 100,000 in quick, easy and convenient way with the help of Virtual Payment Address (VPA). This service will be available to all savings account holders of SBI Singapore.

Month: Categories: India Current Affairs 2018

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