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India, Singapore economic pact to herald new beginning
NEW DELHI: "The CECA will not only serve India's economic interests but also its political and strategic interests," said See at a road show organised by the Confederation of Indian Industry and the Singapore-based Network India.
"The fact that India is looking for strategic partners augurs well for the Indian economy. The CECA will help India engage itself more with East Asia in the long run," he said.
The CECA is one element of the Free Trade Agreement that India and Singapore eventually hope to sign. Besides covering goods, services and investment, the agreement is expected to improve upon the agreement to avoid double taxation and to facilitate the establishment of a $1 billion fund for investment in India.
A new improved air service pact between the two countries is to be part of the agreement.
See said regional trade agreements (RTAs) were more effective than the WTO in increasing trade and investment since fewer nations were involved.
Network India chairman Sat Pal Khattar said Singapore was the eighth largest investor in India.
"The CECA will help both countries in achieving greater economic synergy and will be a win-win situation for both," he noted.
Source: IANS