India and Singapore on Friday signed a memorandum of understanding for creation of a task force on economic cooperation which will explore the possibility of establishing a Free Trade Area (FTA) between the two countries and ways and means by which Singapore can become a catalyst in India's reform process.
Aimed at broadening economic linkages and promoting greater investment flows, the task force will recommend proposals for expansion of India-Singapore trade, economic and financial sector cooperation over the next ten years.

The MoU signed by Minister of Culture and Tourism Ananth Kumar and Singapore's Minister for Trade and Industry Goerge Yeo in the presence of President K R Narayanan and his Singapore counterpart S R Nathan, will remain in force for three years.
The Deputy Secretary of Ministry of Trade and Industry in Singapore, Heng Swee Keat said that the task force would be a significant initiative in furthering bilateral and economic ties between the two countries.

Bureau Report