The Hindu Business Line : Singapore plans to develop SEZ in India

This has been indicated in the joint statement on themed-term review of the India-Singapore Comprehensive Economic Co-operation Agreement, which was jointly conducted by the Union Commerce and Industry Minister, Mr Kamal Nath, and the Singapore Minister for Trade and Industry, Mr Lin Hng Kiang, on March 31 in Singapore.

An official release said that the Ministers agreed that themed-term review provided both sides with a chance to consider both the implementation of the agreement to date and how it could be further enhanced in order to provide an attractive framework for businesses. They also endorsed the suggestion that teams from both countries should engage in discussions to follow up and improve on the CECA by August 1, 2006.

The Ministers noted that the Mutual Recognition Joint Committee would be meeting to continue its work on the implementation of the mutual recognition agreements (MRAs) for electronics and electronic equipment, telecommunications equipment, and egg products.

Both countries also discussed a proposal from India on facilitating the entry of generic medicinal products.

They were also encouraged by the good progress made in the MRA on architectural services.

India agreed with Singapore on the need to encourage the MRAs pertaining to professionals. MRAs for accountants, doctors, dentists, and nurses would be concluded by August 1, 2006.

The two countries discussed the value of fine-tuning the provisions of the avoidance of double taxation agreement with a view to further encouraging investments.

The Ministers hailed the interest of Indian and Singapore banks to expand in each other's markets as banks play a critical role in enabling trade and investments.

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