NEW DELHI, 30 June 2005 — The prime ministers of India and Singapore signed a landmark economic agreement yesterday, the Comprehensive Economic Cooperation Agreement (CECA). They also signed a Mutual Legal Assistance Treaty in Criminal Matters.
These were signed following talks between the visiting Singapore Prime Minister Lee Hsien and his Indian counterpart Manmohan Singh.
Accompanied by Foreign Minister George Yong Yeo, Trade and Industry Minister Lim Hng Kiang and community development minister, Lee arrived here on a three-day visit on Tuesday evening.
Lee told reporters here: “We are signing agreements on CECA and a mutual legal assistance treaty. I think these two agreements will make for very, very good relations.” Echoing him, Singh said that the agreements “will widen and deepen our relations.”
The premiers discussed a range of issues including the exchange of visits, bilateral trade and economic cooperation, CECA, security and defense cooperation, regional cooperation within ASEAN framework and UN reforms.
CECA, which comes into effect from August 1, was cleared by the Cabinet committee on economic affairs last week. The pact will grant Singapore firms greater access to the Indian market and Indian businessmen into South East Asia.
India-Singapore trade is currently $6.4 billion; under the new pact, Indian business leaders expect it to reach $10 billion by the end of this fiscal year and $50 by 2010.