India Free Trade Agreement with Singapore: What You Need to Know

The India-Singapore Free Trade Agreement (FTA) is a comprehensive bilateral agreement that was signed in 2005 to enhance trade and investment flows between the two countries. The FTA covers a wide range of sectors including goods, services, investment, and intellectual property rights. It has been instrumental in boosting trade between India and Singapore, which has grown more than five-fold since the signing of the agreement.

The FTA has been beneficial for both countries. Singapore is one of India`s largest trading partners, with bilateral trade between the two countries reaching $17.7 billion in 2019. Singapore is also one of the largest investors in India, with cumulative FDI inflows of $51.5 billion until September 2020. The FTA has helped to further strengthen these economic ties.

Under the FTA, tariffs have been eliminated on a wide range of goods traded between India and Singapore. This has resulted in lower prices for consumers and increased competitiveness for businesses. The FTA has also facilitated greater market access for services providers in both countries, enabling them to tap into new opportunities. This has been particularly beneficial for Singapore, as it is a hub for services in the Asia-Pacific region.

The FTA has also helped to enhance intellectual property rights protection in both countries. This has been crucial for businesses operating in sectors such as pharmaceuticals, where IP rights are a key asset. The FTA has established a framework for the protection and enforcement of IP rights, ensuring that businesses have the necessary legal protection to operate in India and Singapore.

The FTA has also facilitated greater investment flows between India and Singapore. Singapore has been a leading investor in India, with investments in sectors such as technology, infrastructure, and real estate. The FTA has provided a framework for the protection of investments, ensuring that investors have the necessary legal protection to operate in India and Singapore.

Overall, the India-Singapore FTA has been an important agreement that has helped to strengthen economic ties between the two countries. It has facilitated greater trade and investment flows, as well as enhanced intellectual property rights protection. As India continues to push for greater economic engagement with the world, the FTA with Singapore will continue to be a key pillar of its economic diplomacy.