India Singapore Comprehensive Economic Cooperation Agreement Pdf

While the Ministry of Trade and Industry (MTI) issued a statement indicating that Singaporeans are “understandable” with competition from skilled workers, managers and foreign executives (SMEs) due to the current sluggish economic and employment situation. However, it is “misleading” to say that the number of Indian SMEs, particularly intragroup takers, is exclusively or largely transferred to the ECSC. MTI also rejected the fact that “none of our free trade agreements, including Ceca, require us to automatically provide employment passports to every foreigner.” In addition, “all foreigners applying for a work card must meet our predominant criteria and all companies must respect fair hiring rules.” Despite the government`s clarification on this issue, citizens in the network remain skeptical of the Singapore-India free trade agreement. [13] In 2005, the two nations signed the Comprehensive Economic Cooperation Agreement (ECSC) and organized the India-Singapore Parliamentary Forum and the Singapore-India Partnership Foundation with the active support of the Federation of Indian Chambers of Commerce and Industry (FICC), the Confederation of Indian Industry (CII) and the Singapore Federation of Business for the Promotion of Trade, Economic Development and Partnerships. [2] [3] [4] The ECSC removes customs barriers, double taxation, dual procedures and rules, and has granted unfettered access and cooperation between singapore and India`s financial institutions. [2] [3] The ECSC has also strengthened bilateral cooperation in the fields of education, science and technology, intellectual property, aviation and has enabled Indian specialists in information technology, medicine, engineering and finance. [2] [3] Singapore has invested in projects to modernize Indian ports, airports and the development of information technology parks and a Special Economic Zone (SEZ). [2] India has become Singapore`s fourth largest tourist destination and more than 650,000 Indians visited Singapore in 2006. The two nations have collaborated in the fields of aeronautics, aerospace, space programs, information technology, biotechnology and energy. [2] The comprehensive agreement between India and Singapore, also known as the Global Economic Cooperation Agreement or simply CECA, is a free trade agreement between Singapore and India aimed at strengthening bilateral trade. It was signed on June 29, 2005.

[1] The issue of the free trade agreement and the ECSC was debated in the 2020 general elections in Singapore between the ruling Action Party (PAP) and various opposition parties. [14] [15] [16] Tan Cheng Bock, a former popular action party MP and founder of the Singapore Progress Party (PSP), who campaigned in the elections as a PSP politician, promised to seek revision of the ECSC if elected, particularly on one of the conditions allowing the free movement of Indian workers to enter and work in Singapore in at least 127 sectors. [17] In September 2018, India and Singapore officially launched the third revision of the ECSC, which focuses on trade facilitation, e-commerce and customs. [9] The ECSC has become a point of regret for Singaporeans who believe that a large influx of Indian professionals has stolen their jobs and supplanted our society. [10] In the public facebook group SG opposition, Michael da Silva said that the government allowed Indian professionals to achieve citizenship and ultimately win their vote for the ruling party. These concerns have become stronger as Singapore struggles with its worst recession and countries around the world continue to fight to contain the Covid 19 pandemic. [11] [12] In 2020, Leong Mun Wai spoke as a Member of Parliament (NCMP) who was not a member of an electoral district[18][19][20] and mentioned how he was “deeply disappointed” that DBS Bank, a multinational bank in Singapore, did not have a “house” executive chief in Singapore, the bank`s CEO, Piy Gushupta, being an Indian national when he was appointed , but only shortly thereafter, making him a beneficiary of the