The agreement was signed between External Affairs Minister Pranab Mukherjee and his Singapore counterpart George Yeo on the sidelines of the India-Singapore Joint Ministerial Committee (JMC), that was set up in 2007. Expressing his confidence on India's ability to grow, Yeo said: "In India, there are so many bottlenecks - ports, airports, roads and rail. I have no doubt that in the coming years, those bottlenecks would be cleared one after another. India will, in our estimation, grow at an even faster rate."
Possible areas of cooperation include defence, education and culture, both said.
Since the signing of the Comprehensive Economic Cooperation Agreement in 2005, trade between India and Singapore has jumped by about 40 per cent in comparison to last year.