Free Trade Agreement India Singapore

“None of our free trade agreements (free trade agreements), including CECA, require us to automatically grant ePs to foreigners,” the spokesperson said. All foreigners who come to the MOU must meet our predominant criteria, and all companies must respect fair hiring rules. In September 2018, India and Singapore officially launched the third revision of the ECSC, which focuses on trade facilitation, e-commerce and customs. [9] In 2005, the two nations signed the Comprehensive Economic Cooperation Agreement (ECSC) and organized the India-Singapore Parliament and the Singapore-India Partnership Foundation with the active support of the Federation of Indian Chambers of Commerce and Industry (FICC), the Confederation of Indian Industry (CII) and the Singapore Federation of Enterprises to promote trade, economic development and partnerships. [2] [3] [4] The ECSC removes customs barriers, double taxation, dual procedures and rules, and has granted unfettered access and cooperation between singapore and India`s financial institutions. [2] [3] The ECSC has also strengthened bilateral cooperation in the fields of education, science and technology, intellectual property, aviation and has enabled Indian specialists in information technology, medicine, engineering and finance. [2] [3] Singapore has invested in projects to modernize Indian ports, airports and the development of information technology parks and a Special Economic Zone (SEZ). [2] India has become Singapore`s fourth largest tourist destination and more than 650,000 Indians visited Singapore in 2006. The two nations have collaborated in the fields of aeronautics, aerospace, space programs, information technology, biotechnology and energy. [2] In response to allegations in early 2016 that Singapore had reduced its commitment to the ECSC by blocking Indian computer experts applying for work visas and that India had put a new trade exemption on hold in response to that request,[5] a spokesman for the Indian Ministry of Commerce confirmed that India had not frozen the ECSC and was still in force. Singapore also stated that it had not received any formal notification from the Indian government that the ECSC review had been suspended. [6] The issue of the free trade agreement and the ECSC was debated in the 2020 general elections in Singapore between the ruling Action Party (PAP) and various opposition parties. [14] [15] [16] Tan Cheng Bock, a former popular action party MP and founder of the Singapore Progress Party (PSP), who campaigned in the elections as a PSP politician, promised to seek revision of the ECSC if elected, particularly on one of the conditions allowing the free movement of Indian workers to enter and work in Singapore in at least 127 sectors.

[17] While the Ministry of Trade and Industry (MTI) issued a statement indicating that Singaporeans are “understandable” with competition from skilled workers, managers and foreign leaders (SMEs) due to the current sluggish economic and employment situation.