Who Signed the Ceca Agreement

The ECSC entered into force in 2005. It was the first comprehensive economic agreement between Singapore and a South Asian country. The India-Sri Lanka Free Trade Agreement (ISLFTA), signed in 1998, entered into force in 2000. Since the signing of the ECSC, bilateral trade and investment between Singapore and India has increased considerably. Singapore companies can gain better access to investment opportunities and increase trade with India. As part of our FTA network, ECSC is also making Singapore a more attractive base for global companies, encouraging them to set up in Singapore and enter the Indian market from here. These have led to the creation of good jobs for Singaporeans. Under Chapter 9 of the Agreement, Singaporeans and Indians are granted entry into India and Singapore for different periods, ranging from two months to three years, according to which they fall under the four categories of visitors mentioned above. However, people who come here (and travel from Singapore) still need to apply for and obtain a valid visa. While the deal has become a point of complaint for Singaporeans who feel that an influx of Indian professionals has cost them their jobs or displaced our society, the simple answer to this question is no. The India-Singapore Comprehensive Economic Cooperation Agreement, also known as the Comprehensive Economic Cooperation Agreement or simply ECSC, is a free trade agreement between Singapore and India aimed at strengthening bilateral trade. It was signed on 29 June 2005. [1] A 10-member India-Singapore Joint Study Group was established to examine the scope and structure of the agreement.

The ECSC is one of 24 free trade agreements (FTAs) that Singapore has concluded with many countries. There will be 25 free trade agreements as soon as the free trade agreement between the European Union and Singapore enters into force on 21 November. [2] [3] Singapore has invested in projects to modernize Indian ports and airports and develop computer parks and a special economic zone (SEZ). [2] India has become Singapore`s 4th largest tourist destination and more than 650,000 Indians visited Singapore in 2006. The two countries have collaborated in the fields of aeronautics, aerospace engineering, space programs, information technology, biotechnology and energy. [2] On the 25th. In August 2004, a Framework Agreement on Economic Cooperation was signed between the Republic of India and the Gulf Cooperation Council. The framework agreement provided that the two sides would examine ways to extend and liberalise trade relations and to start negotiations on the feasibility of a free trade agreement between them. While the Department of Trade and Industry (MTI) issued a statement noting that Singaporeans are “naturally concerned” about competition from foreign professionals, managers and executives (SMEs) due to the current economic situation and gloomy employment. However, it is `misleading` to assert that the number of Indian TRAs, in particular intra-corporate transferees, is exclusively or largely attributable to the ECSC. MTI also refuted that “none of our free trade agreements, including ceca, require us to automatically grant employment passports to every foreigner.” In addition, “all foreigners applying for a job passport must meet our current criteria and all companies must comply with the rules of fair recruitment.” Despite the government`s clarifications on the matter, netizens remain skeptical about the free trade agreement between Singapore and India. [13] The Regional Comprehensive Economic Partnership (RCEP) is a comprehensive free trade agreement currently being negotiated between the 10 ASEAN member states and ASEAN Free Trade Agreement partners Australia, China, India, Japan, Korea and New Zealand.

RCEP reflects the emerging business and economic architecture around the world. It should not be seen in isolation, but in the context of other emerging comprehensive free trade agreements, namely the Trans-Pacific Partnership (TPP) and the recently launched Transatlantic Trade and Investment Partnership (TTIP), in which the United States and the European Union are involved. Under comprehensive regional trade agreements around the world, the TPP would cover the western flank with TTIP as the central flank and the RCEP as the eastern flank. Therefore, RCEP is of strategic importance to India, both in the context of its Look East policy and in the overall nature of the engagement. After 13 rounds of negotiations, the ECSC was signed on 29 June 2005 during Prime Minister Lee Hsien Loong`s State visit to India. The ECSC was established in April 2002, when then-Prime Minister Goh Chock Tong and then Indian Prime Minister Atal Bihari Vajpayee announced their intention to explore the benefits of closer economic ties between the two countries in order to launch a Comprehensive Economic Partnership Agreement within a year. Higher rates mean customers have to pay more for the goods. The reduction and elimination of tariffs by the ECSC will save Singaporeans money on imports from India covered by the agreement. If you are interested, you can read the full legal text of the agreement here. But you probably won`t, so let`s move on. In September 2018, India and Singapore officially launched the third REVIEW of the ECSC, which focuses on trade facilitation, e-commerce and customs. [9] During three working groups, i.e.

the Working Party on Trade in Goods (GTWGIG), the Working Party on Trade in Services (WGTIS) and the Working Party on Investment (WGI) were established under the AFP-SEOM consultation mechanism; At the 4th meeting of RCEP, held in Nanning, China, from March 31 to April 4, 2014, three new working groups on competition, intellectual property and economic and technical cooperation (ECOTECH) were established. At the 5th meeting of RCEP, held in Singapore from 21 to 27 June 2014, a new working group on “Legal and Institutional Issues” was established. Four sub-working groups under the Working Party on Trade in Goods have been established on Rules of Origin, Customs Procedures and Trade Facilitation (CPTF), SPS (Sanitary and Phytosanitary Measures) and Stracap (Standards, Technical Regulations and Conformity Assessment Procedures). Therefore, institutionally outside the NTC, there are 7 working groups and 4 sub-working groups One adjournment per day moves orders away: Why the CA Appellate Body needs more detailed review and revision Countries with which Singapore has free trade agreements vary as far as China, Australia, Panama and Sri Lanka. Free trade agreements like the ECSC facilitate trade in goods, services and investment between two or more economies by removing or removing barriers – and if you`re not directly in business yourself, much of it will likely get over your head, just like ours. But perhaps the most important thing to try to understand is that these free trade agreements allow Singapore to be economically competitive in the global market. In 2017, India was also Singapore`s largest trading partner in South Asia, and Singapore was India`s second largest trading partner in ASEAN. The ECSC has become a point of complaint for Singaporeans who believe that a large influx of Indian professionals has stolen their jobs and displaced our society. [10] In the public Facebook group SG Opposition, Michael da Silva said the government allows Indian professionals to obtain citizenship and eventually win their vote for the ruling party. These concerns have intensified as Singapore grapples with its worst recession and countries around the world continue to struggle to contain the Covid-19 pandemic. [11] [12] Based on foreign worker figures provided by the Ministry of Labour, it appears that: However, there are no statistics to prove this claim, and sentiment continues to rely primarily on anecdotal evidence. So what exactly is this ECSC, and should you be angry about it? The group included representatives from the Ministries of Foreign Affairs, Trade and Finance of both countries, as well as representatives from business and industry.

The study focused on the impact of the liberalisation of trade in goods, services and investment, as well as on areas related to international trade, the resulting group report was accepted as a forum for discussion between Singapore and India on what the ECSC would look like. .