India, Singapore hold talks on deepening trade and investment ties

New Delhi, Aug 15 (IANS) India and Singapore held a joint working group meeting here to focus on deepening bilateral trade and investment ties, identifying priority sectors for greater alignment, improving logistics and supply chains, streamlining regulatory frameworks, and exploring ways to facilitate cross-border trade according to an official statement issued on Friday.

The meeting reviewed ongoing collaboration in areas such as the semiconductor sector and digitalisation of trade, and explored potential partnerships in skills development, capacity building, and other emerging sectors for mutual benefit. Both sides agreed on the importance of more frequent engagements to translate these opportunities into concrete outcomes, the statement said.

The 4th Meeting of the India–Singapore Joint Working Group on Trade & Investment (JWGTI) was hosted by India at Vanijya Bhawan, New Delhi, on Thursday. The meeting was co-chaired by Special Secretary, Department of Commerce Rajesh Agrawal and Permanent Secretary, Ministry of Trade and Industry, Singapore, Dr. Beh Swan Gin. The meeting followed the 3rd India–Singapore Ministerial Roundtable (ISMR) held a day earlier.

Agrawal noted that the India–Singapore relationship has evolved well beyond traditional trade. While the two countries already enjoy robust engagement in trade and investment, there remain ample opportunities for further cooperation.

The year 2025 marks the 60th anniversary of the establishment of diplomatic relations between India and Singapore, as well as the 20th anniversary of the Comprehensive Economic Cooperation Agreement (CECA). The CECA, signed in 2005, was the first comprehensive trade agreement India entered into with any partner and Singapore’s first such pact with a South Asian country.

Singapore is India’s largest trading partner within ASEAN, with total bilateral trade of $34.26 billion during 2024–25. It is also India’s second-largest source of Foreign Direct Investment (FDI), with equity inflows of $163.85 billion (Rs 11,24,509.65 crore) between April 2000 and July 2024, accounting for about 24 per cent of India’s cumulative inflows.

--IANS

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