India and Singapore Bilateral Trade & Investment
Singapore is India's largest trade and investment partner in ASEAN and accounted for 30.14% of our overall trade with that group of nations in 2010-11. Our economic and commercial ties have expanded significantly in recent years, particularly after the conclusion of the Comprehensive Economic Cooperation Agreement (CECA) in 2005. Indian companies are increasingly using Singapore for raising funds, particularly for global operations. For all the public sector units opting for disinvestment through IPO/FPO, Singapore is an invariable destination for pre market discussion as well as road show during IPO/FPO. Nine Indian banks operate in the country - Bank of India, Indian Overseas Bank, UCO Bank, Indian Bank, Axis Bank, State Bank of India, ICICI, EXIM Bank and Bank of Baroda. SBI and ICICI have been granted Qualifying Full Bank (QFB) status with retail operations.
The India-Singapore CECA has four key components: a free trade agreement (FTA) in goods; an arrangement for boosting trade in services, including financial services; a package to promote investment flows and provide mutual investment protection; and a new agreement for avoiding double taxation. It also includes Mutual Recognition Agreements on quality certification of goods and services, liberalized visa rules for professionals, and undertakings to cooperate on several sectors like Customs, dispute settlement, intellectual property rights, education and e-commerce.
The CECA also resulted in the signing of a protocol amending the DTAA. Laying out the duties and obligations of the two countries in the above fields, CECA also provides for dispute settlement procedures and recourse to arbitration in certain contingencies. Annexes to the CECA set out detailed information including a list of products for tariff reduction/elimination, certification and testing as well schedules on specific commitments. Composed of 16 Chapters, the major issues dealt with by CECA include trade in goods (Chapter 2), rules of origin issues (Chapter 3), customs cooperation (Chapter 4), mutual recognition agreements on standards and technical regulations, sanitary and phyto-sanitary measures (Chapter 5), investment protection (Chapter 6), trade in services and movement of professionals (Chapter 7), air services (Chapter 8), movement of natural persons (Chapter 9), E-commerce (Chapter 10), IPR (Chapter 11), science & technology (Chapter 12), education (Chapter 13), media (Chapter 14), dispute settlement (Chapter 15) and implementation procedures (Chapter 16). The implementation of CECA is periodically reviewed by the two Governments and the closure of the first Review was announced on 1 October 2007. Issues addressed during the review included expansion of coverage of tariff concessions, implementation of MRAs, facilitation of movement of professionals, expanding market access to financial services and furthering IPR cooperation.
Since 2005, a steady expansion in bilateral trade and investment has taken place- From a level of US $ 5425.29 million in exports and USD 3353.77 million in imports in 2005 - 2006, bilateral trade has gone up to 21.3 billion USD- the exports from India were estimated at 13,607.12 USD million and India's imports from Singapore have been 7,732.58 USD Million in the period in April 2012- March 2013.
Note: Since 2006-07, Petroleum figures are being computed from Import Daily trade Returns (DTRs) to generate country-wise/port-wise tables. Up to 2005-06 consolidated petroleum import figures were being received from the Petroleum Ministry.
With the signing of amendment to DTAA (Double Taxation Avoidance Agreement) in 2005, providing for certain benefits for investments coming from Singapore, the country has emerged as the second largest investor in India with a share of 10% of the total FDI received by India US $19.136 billion has been received from Singapore as FDI from April 2000 to Feb 2013.
Incentives provided by Singapore and its competitive tax regime have encouraged Indian companies to set up both manufacturing and servicing operations in Singapore and also base their regional headquarters for the Asia Pacific regional operations in Singapore. With a positive enabling environment, strong air connectivity and the presence of a large Indian community, Singapore is emerging as a key offshore hub for Indian corporate. The Indian corporate presence in Singapore has also grown significantly and there are about 4000 "Indian" companies registered in Singapore. PM Dr. Manmohan Singh in his visit in November 2011had invited greater investments from Singapore, describing the city -state as " valued partner " for India's plans for infrastructure development. Bilateral trade and investment has seen exponential growth following the signing of CECA. Singapore is not only our larger trading partner in ASEAN, but also accounts for the 2nd largest source for FDI inflows into India.
AddressThe High Commission of India
31, Grange Road
Tel: +65 - 6737 6777
Fax: +65 - 6732 6909
Emergency Number for Indian Nationals
+65 6238 2538
Document Submission Time
9:15 to 11:30 am
Document Collection Time
4:15 pm to 5:15 pm
Monday to Friday
9:00 am to 5:30 pm
Nearest MRT: Somerset and Orchard MRT Stations.
Bus services: The High Commission is well connected by buses plying on routes 7,65, 106,123, 124,139, 143, 167, 171,174, 175, 190, 518 and 700.
Nearby Parking area: Overseas Family School (OFS) compound opposite the High Commission. Physically disabled persons can park their vehicle inside the premises of HCI after contacting the security post near the side gate on Leonie Hill Road or by calling in at Ph. 62382550 or 62382537.
Nearest ATM: SP Services Building (111, Somerset Road) and at SCAPE building (2nd floor).