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SINGAPORE : More exports from Singapore to India will benefit from tariff concessions from November 1.
The Ministry of Trade and Industry (MTI) expects 81 percent of Singapore's domestic exports to India will enjoy the tariff cuts.
This is up from the current 64 percent.
The concessions come after the successful review of the India-Singapore Comprehensive Economic Cooperation Agreement (CECA).
The review was conducted by senior officials from Singapore and India who met in New Delhi on October 1.
Besides tariff cuts for exports, both sides also agreed to establish a new Mutual Recognition Agreement (MRA) for Indian medicinal products entering Singapore.
This should, in time, reduce duplicate testing.
Other sectors expected to come under the MRA are telecommunications, electrical and electronic equipment.
Also on the agenda during the review were banking provisions under CECA.
It would soon be faster for Indian banks to get the Qualifying Full Bank (QFB) licence.
The CECA provisions will also facilitate Singapore banks' expansions and entry into India.
CECA was concluded in June 2005 and entered into force on August 1 that year.
It is Singapore's first comprehensive bilateral economic agreement with a South Asian economy.
Since the CECA was signed, trade with India has been increasing steadily, reaching a record S$19.9 billion in 2006, a 20 percent increase over 2005.
India is currently Singapore's 12th largest trading partner while Singapore is among India's seventh largest trading partner. - CNA/de
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