The Comprehensive Economic Cooperation Agreement (CECA) is a free trade agreement signed between the governments of Singapore and India in 2005. This agreement aims to strengthen economic ties between the two countries by reducing and eliminating trade barriers and promoting the exchange of goods and services.
CECA covers a wide range of areas, including trade in goods, services, investments, intellectual property rights, and economic cooperation. It also includes provisions on the movement of professionals and the opening up of markets in a variety of sectors, including banking, insurance, and telecommunications.
One of the key benefits of CECA is the reduction of tariffs on goods traded between Singapore and India. This has made it easier for businesses in both countries to access new markets and expand their operations. Under CECA, roughly 80% of Singapore`s exports to India and 75% of India`s exports to Singapore are now duty-free.
In addition to tariff reductions, CECA also includes provisions to protect intellectual property rights and promote investment in both countries. Singapore and India have agreed to provide each other with national treatment and most favored nation treatment, which means that investors from one country will be treated the same as domestic investors in the other country.
CECA has also opened up opportunities for professionals to work in each other`s countries. Professionals in areas such as architecture, engineering, and accountancy can now apply for temporary entry and stay in the other country for up to twelve months.
Overall, CECA has been a positive step towards strengthening ties between Singapore and India. The agreement has helped to increase trade and investment between the two countries, creating new opportunities for businesses and professionals alike. As such, CECA remains an important agreement that continues to shape economic relations between Singapore and India.
