The recent joint press statement by Prime Minister Narendra Modi of India and Prime Minister Lawrence Wong of Singapore highlights significant steps toward accelerating mutual trade and deepening bilateral relations under their Comprehensive Strategic Partnership.

Key among these initiatives is the commitment to a timely, time-bound review of the Bilateral Comprehensive Economic Cooperation Agreement (CECA) between India and Singapore, alongside a substantial review of the ASEAN-India Free Trade Agreement to accelerate trade and market access.

Since the inception of CECA in 2005, bilateral trade has substantially increased, with Singapore remaining India’s largest trade partner in Southeast Asia and a major foreign investor, showcasing the vitality of economic ties between the two nations.

A key highlight is Singapore’s involvement in establishing a National Centre of Excellence for Skilling in Chennai, aimed at developing skilled manpower in advanced manufacturing, furthered by Singapore’s significant investment.

This is complemented by active cooperation in semiconductor ecosystem partnerships, research and development, and capital market connectivity, including enhanced integration via Gujarat’s GIFT City, which serves as a financial bridge linking the stock markets of both countries. The agreement and joint efforts in the semiconductor sector underscore a shared vision to boost innovative industrial capabilities.

In infrastructure and maritime collaboration, the inauguration of Phase II of India’s largest container terminal, the Bharat Mumbai Container Terminal (BMCT) at Jawaharlal Nehru Port, developed by Singapore’s PSA International, marks a significant milestone.

This expansion doubles India’s container handling capacity, reinforcing India’s position in global trade and attracting substantial foreign direct investment.

The partnership also extends to the Green and Digital Shipping Corridor, formalised through a Letter of Intent and a Memorandum of Understanding, aimed at digitalising and decarbonising maritime trade by fostering zero or near-zero greenhouse gas emission technologies, promoting green fuel supply chains, and enhancing digital port operations.

The partnership reflects broader strategic cooperation under the Act East Policy, focusing on peace and stability in the Indo-Pacific region and expanding beyond traditional diplomatic ties to include advanced economic, technological, and sustainable development initiatives.

The joint roadmap encompasses eight priority areas including economic cooperation, skills development, digitalisation, sustainability, healthcare, security, and connectivity, reflecting a vision for a resilient and multi-dimensional partnership aligned with evolving global challenges.

The India-Singapore cooperation framework is poised to enhance trade, investment, skill development, sustainable maritime operations, and technological innovation, marking a significant step forward in bilateral relations as both countries seek mutual growth and regional stability in the Indo-Pacific.

Based On ANI Report