New Delhi, Nov 30 (UNI) The Union Cabinet has given its approval for elimination or reduction of tariff on 555 products through a protocol of amendment of India-Singapore Comprehensive Economic Cooperation Agreement (CECA).
The tariff elimination/reduction will commence tomorrow, Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters today.
Under the Cabinet decision taken last evening, Singapore would also be offered any subsequent improvement made at the time of ASEAN -India Free Trade Agreement (AIFTA) in terms of product coverage timeline, Rules of Origin (RoO) with appropriate amendments to India-Singapore CECA.
The tariff concessions would further enhance growth in bilateral trade with economic benefits to both countries. As Singapore is a member country of ASEAN, betterment made in the ASEAN-India FTA over CECA may be incorporated in CECA to maximise gains to both countries.