The close ties between India and Singapore have a history rooted in strong commercial, cultural and people-to-people links. Singapore is not only an important trading partner in ASEAN but also a major source of FDI inflows in India.
India is Singapore’s eight largest investor. India-Singapore bilateral trade accelerated to USD 17.44 billion in 2010-11 from USD 14.04 percent in 2009-10.
Recently, Prime Minister Narendra Modi and visiting Singapore Prime Minister Lee Hsien Loong, decided to boost cooperation in countering threats of terrorism. Almost a year after they elevated bilateral ties to a strategic partnership, India and Singapore further cemented their relationship with the inking of three new agreements on Tuesday, 4th October.
India and Singapore signed three memorandum of Understandings (MoUs) which are in the field of skill development and IPR to boost bilateral relations between them.
First, MoU in the field of Industrial Property Cooperation: It was signed between Department of Industrial Policy & Promotion (DIPP) and Intellectual Property Office (IPO), Singapore.
Second, MoU on collaboration in the field of Technical and Vocational Education and Training: It was signed between National Skill Development Corporation (NSDC) and ITEES Singapore.
Third, MoU on collaboration in the field of Technical and Vocational Education and Training: It was signed between Government of Assam and ITEES Singapore.
Some of the highlights of the MoUs are:
- India and Singapore decided to strengthen cooperation in countering threats of rising terrorism.
- India seeks to enhance cooperation with Singapore in key sectors including trade and investment.
- Highlighted importance of Defence and security cooperation as the key pillar of strategic partnership between India and Singapore.
- Raised concern over rising tide of terrorism, especially cross-border terrorism and the rise of radicalization as a grave challenges to our security.
- India agreed to expedite the second review of Comprehensive Economic Cooperation Agreement (CECA).
The Indian Lawyer