Singapore agrees to open up generics, boost trade with India

Seeking to fast-track economic cooperation, India and Singapore are aiming to double their bilateral trade to $32 billion in the next five years, commerce minister Anand Sharma said in New Delhi yesterday.

"We (India and Singapore) have agreed to work towards doubling bilateral trade from $16 billion to $32 billion by 2015," Sharma said addressing a joint press conference with his Singaporean counterpart Lim Hng Kiang.

The ministers launched the second review of the India-Singapore Comprehensive Economic Cooperation Agreement (CECA) signed in 2005 to facilitate trade and investment in goods and services.

The agreement has been reviewed once in 2007. "Now officials from both the sides will meet every quarter to complete the second review," Sharma said. "We want to take the CECA forward in the coming five years."

Since 2005, the trade between India and Singapore has risen 20 per cent annually.

Sharma said the two countries are looking to remove trade barriers, expand the product basket and encourage the flow of tourists, businessmen and professionals. India asked Singapore to recognise its professionals, such as doctors, nurses, accountants and architects in Singapore.