New Delhi: Singapore has said the proposed Comprehensive Economic Cooperation Agreement (CECA) with India will serve New Delhi's strategic interests in the region besides entering into a mutually beneficial free trade agreement covering goods, services and investment. Allaying fears that CECA may be in conflict with WTO regime, Singapore High Commissioner in India See Chak Mun said "it is in India's political and strategic interest to forge closer affinity with South East Asia. India should play a crucial role in the region and increase its influence in the region where China and the US have established themselves."
Speaking at a CII roadshow on CECA, the envoy said CECA is part of the proposed FTA between India and Singapore, which involves besides FTA covering goods, services and investment, improving double taxation avoidance agreement, establishment of one billion dollar for investment in India and an improved services agreement.
Asserting that CECA is an easier approach towards international trade agreements than WTO where countries negotiate with about 150 different states including those with limited global exposure, he said Singapore provides India better routes to East Asia and Europe while preserving 'Asianness'.
Sat Pal Khattar, Chairman, Network India, the Sigapore government's platform to strengthen economic ties with India, said "India should do much better in fields like tourism where it has failed to perform to its potential." Bureau Report