The Union Cabinet today gave its approval for tariff reduction on 555 products through a protocol of amendment of India-Singapore Comprehensive Economic Cooperation Agreement (CECA).
New Delhi, Nov 30 : The Union Cabinet today gave its approval for tariff reduction on 555 products through a protocol of amendment of India-Singapore Comprehensive Economic Cooperation Agreement (CECA).
It also offering to Singapore for 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 maximize gains to both countries.
The tariff reduction will commence from December 1.
ANI