Singapore's Minister for Trade and Industry, Mr Lim Hng Kiang, met yesterday with his Indian counterpart, Mr Kamal Nath, to try to close the remaining outstanding issues in the Comprehensive Economic Cooperation Agreement (CECA) between the two countries.  The ministers reached broad agreement on a wide range of substantive outstanding items.  These relate to issues such as the treatment of investments from one Party into the other, the movement of natural persons, the scope of tariff reductions and the rules of origin that will apply to goods enjoying concessions under CECA.

2.         This was a highly significant meeting that has cleared the way for officials to work towards finalising the text of the agreement.  The ministers instructed officials to work towards wrapping up the negotiations by the end of November 2004, and thereafter both parties will plan for the formal conclusion of the treaty.  Singapore is awaiting some details to be confirmed by Indian officials in the next two weeks.  On our part, we will be similarly expediting our work to revert to India on one or two points in the next few days.

3.         The Singapore team highly appreciates the efforts that our Indian counterparts have shown in working towards the conclusion of a CECA that both sides can be proud of.  In particular, Minister Kamal Nath has demonstrated a strong personal conviction to move discussions along so that we can conclude the CECA early and benefits can start flowing to the economies, investors, business people and workers of India and Singapore.

4.         The CECA discussions have spanned 18 months, involved extensive public consultations on both sides and required the detailed examination of many proposals and ideas.  MTI will release full details of the final agreement upon the conclusion of CECA.

MINISTRY OF TRADE AND INDUSTRY
12 NOVEMBER 2004