India, Singapore walk in opposite direction of US, cut tariffs on 30 more products
At a time when the US and China have intensified their trade war by imposing strict tariffs on each other's imports, especially after US President started promoting protectionism to "make America great again", India and Singapore have decided to work in the opposite direction.
On Friday, June 1, The Business Times based in Singapore reported that the governments of Singapore and India would reduce or remove tariffs on 30 more products; improve their rules of origin and better the mutual recognition of the nursing standards following the second review of the two countries' Comprehensive Economic Cooperation Agreement (CECA).
The city-state's Ministry of Trade and Industry (MTI) said that the review concluded on Friday, the Business Times reported.
"Following the new update, tariffs on 30 products will be reduced or eliminated to the level under the free trade agreement between India and the Association of South-east Asian Nations (Asean). The new preferential tariffs apply to a variety of sectors, including food and Nylon moulding powder," the report added.
The report said the rules of origin will become more flexible that will make certain goods qualify as originating from Singapore even when small inputs used in the production procedure do not meet the change in the tariff classification need. New product-specific rules have also been created for goods like machinery parts and edible oils and these steps, according to the MTI, will facilitate Singapore's exports into India to be deemed fit for preferential tariffs, the Business Times report said.