The Hindu : India, Singapore to sign recognition agreements

Online edition of India's National Newspaper
Friday, May 30, 2003

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Business

India, Singapore to sign recognition agreements

By Our Special Correspondent

NEW DELHI, MAY 29. India and Singapore are likely to enter into Mutual Recognition Agreements in electrical and electronic equipment, food products and telecom equipment by the end of the year. This follows the first round of negotiations between the two countries on the scope for a comprehensive Economic Cooperation Agreement.

The two-day talks on May 27 and 28 here focussed on investments and trade in goods and services. The Indian delegation to the talks was led by the Union Commerce Secretary, Dipak Chatterjee, and the 30 member Singapore team was headed by the Permanent Secretary for Trade and Industry, Heng Swee Keat. An official release says the two countries also agreed to review the existing double taxation avoidance agreement to create an effective climate for growth of trade and investment. The next round of negotiations would be held on July 1 and 2 in Singapore.

The discussions on trade in goods covered a wide range of issues including free trade agreement, customs facilitation, anti-dumping and safeguard measures and dispute settlement mechanism. As for the mutual recognition agreements, apart from electrical and electronic equipment, telecom equipment and food products, the release said three new areas — pharmaceuticals, gas appliances and software — had been identified for further discussion. It was also decided that the rules of origin should provide preferential treatment for goods originating from both countries.

In services, sectors including information and communication technology, telecom, postal services, audio-visual, health, education, biotech, environmental and air services were discussed. In addition, the issue of great importance to India — movement of natural persons — was also discussed.

India and Singapore have agreed to develop an India-Singapore dialogue mechanism to further promote investment and industrial cooperation. International Enterprise Singapore, which promotes Singapore investment abroad and has presence in 36 countries, could extend its services to Indian investors in setting up joint ventures with Singapore companies in third countries. Preliminary discussions were also held on the setting up of the India-Singapore fund, the release says.

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