In an effort to strengthen their economic ties, Singaporean Prime Minister Lawrence Wong and Prime Minister Narendra Modi announced a joint review of the Bilateral Comprehensive Economic Cooperation Agreement (CECA).
During a joint press conference, PM Modi made the announcement and outlined a number of areas of cooperation, such as infrastructure, trade, and skill development.
"We have decided that the Bilateral Comprehensive Economic Cooperation Agreement and our Free Trade Agreement with ASEAN will be reviewed in a time-bound manner to accelerate mutual trade," PM Modi said.
He also emphasised that Indian states will be critical partners in this relationship, noting that President Tharman Shanmugaratnam visited Odisha in January. The Prime Minister added that over the past year, the Chief Ministers of Odisha, Telangana, Assam, and Andhra Pradesh have also travelled to Singapore, demonstrating a broad-based engagement.
In order to develop a skilled labour force for advanced manufacturing, PM Modi emphasised that Singapore's investment in establishing a National Centre of Excellence for Skilling in Chennai will be essential. He pointed out that this collaboration is a big step in getting India's workforce ready for the future.
Additionally, the Prime Minister pointed to the GIFT City in Gujarat as a new link connecting the stock markets of both countries. The Semiconductor Ecosystem Partnership Agreement, signed last year, was also acknowledged for giving a new direction to research and development. The active participation of Singaporean companies in the Semicon India Conference was a major highlight, demonstrating a shared commitment to the semiconductor industry.
PM Modi discussed a new deal for Green and Digital Shipping Corridors in the maritime industry, which will facilitate digital port clearances and support the green fuel supply chain. He highlighted the opening of the India Mumbai Container Terminal Phase II, which was built by Singapore's PSA International, and commended Singapore's proficiency in port infrastructure.
"Today we inaugurated the India Mumbai Container Terminal Phase II developed by Singapore’s company PSA International. This will further increase our container handling capacity," he stated, underlining the project's importance in boosting India's container handling capacity.
PM Modi reaffirmed that Singapore is a vital partner in India's Act East Policy. He reiterated the shared vision of both nations to foster peace and stability in the region. "We will continue to work together with ASEAN to advance cooperation and a joint vision of peace and stability in the Indo-Pacific region," he said, emphasising their ongoing collaboration to ensure regional security and prosperity.
Also Read: Singapore PM Lawrence Wong arrives in India on 3-day visit
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