Trade Current Affairs

6th East Asia Summit and 15th India-ASEAN Economic Ministers Meeting held in Singapore

The 6th East Asia Summit-Economic Ministers’ Meeting (EAS-EMM) and 15th India-ASEAN Economic Ministers’ Meeting (AEM) was held in Singapore. Singapore is currently holding the Chair of Association of Southeast Asian Nations (ASEAN).

6th EAS-EMM

It was attended by Economic Ministers from 10 ASEAN countries and their 8 dialogue partners – Australia, China, India, Japan, Republic of Korea, New Zealand, Russia and United States. The meeting recognized importance of ongoing work to maximize opportunities of and address challenges presented by digital economy and rise of regional and global value chains as part of their efforts to promote economic growth and integration in the region.

EAS-EMM forum expressed hope that economic linkages among EAS members will enable them to address challenges due to disruptions in macro-economy that could affect overall market sentiments and global growth. It also took note of increasing importance of trade and investment relations among the EAS economies. It also agreed to importance of keeping markets open and fair as well as improving transparency and predictability of business environment.

15th India-ASEAN Economic Ministers’ Meeting (AEM)

The 6th EAS–EMM was followed by the 15th India-ASEAN Economic Ministers’ Meeting. It was co-chaired by Singapore’s Minister for Trade and Industry Chan Chun Sing and India’s Minister of Commerce and Industry Suresh Prabhu,. The meeting attended by Economic Ministers from 10 ASEAN countries. It took stock of current level of trade and economic engagement between India and ASEAN. It also reaffirmed commitment to further strengthen ASEAN-India economic relations. ASEAN has emerged as second largest trade partner of India in 2017-18 with bilateral trade valued at US $81.33 billion, comprising 10.58% of India’s total trade with the world.

Month: Categories: India Current Affairs 2018

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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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