India and Singapore today signed the Second Protocol amending the Comprehensive Economic Cooperation Agreement (CECA).
Terminologies:
Preferential Trade Agreement (PTA): In a PTA, two or more partners agree to reduce tariffs on agreed number of tariff lines.
Free Trade Agreement (FTA): In FTAs, tariffs on items covering substantial bilateral trade are eliminated between the partner countries. Compared to a PTA, FTAs cover more products on which duty is to be reduced.
Comprehensive Economic Cooperation Agreement (CECA) and Comprehensive Economic Partnership Agreement (CEPA): These agreements consist of an integrated package on goods, services and investment along with other areas including IPR, competition etc.
India-Singapore CECA:
The CECA was signed in 2005 and its first review was concluded in 2007. The CECA was the first comprehensive agreement covering trade in goods, services and investments, which India had signed with any of its trading partners.
The signing of the Second Protocol, amending CECA, will boost bilateral trade between India and Singapore. Under it, both sides agreed to expand the coverage of tariff concessions, liberalize the Rules of Origin and rationalize Product Specific Rules.
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