The Economic Times
India and Singapore are aiming to double their bilateral trade to $32 billion in the next five years, Commerce Minister Anand Sharma said here Tuesday.
“We (India and Singapore) have agreed to work towards doubling bilateral trade from $16 billion to $32 billion by 2015,” Sharma said addressing a joint press conference here with his Singaporean counterpart Lim Hng Kiang.
The ministers launched the second review of the India-Singapore Comprehensive Economic Cooperation Agreement (CECA) signed in 2005 to facilitate trade and investment in goods and services.
Since 2005, the trade between India and Singapore has risen 20 percent annually.
The agreement has been reviewed once in 2007. “Now officials from both the sides will meet every quarter to complete the second review,” Sharma said.
“We want to take the CECA forward in the coming five years,” he said.
He said the two countries are looking to remove trade barriers, expand the product basket and encourage the flow of tourists, businessmen and professionals.