India, Singapore sign second protocol amending CECA

India and Singapore have signed Second Protocol amending Comprehensive Economic Cooperation Agreement (CECA) in New Delhi.

• Its provisions will come into effect on 14th September, 2018.

About the Second Protocol amending CECA:

• It will help to boost bilateral trade between India and Singapore.
• It formally brings to closure negotiations on the second review of CECA.
• It will give effect to provisions agreed between India and Singapore during closure of the second review of CECA.

Developments since the beginning:

• CECA was the first comprehensive agreement covering trade in goods, services and investments signed by India with any of its trading partners.
• It was signed in June, 2005 and its first review was concluded in October, 2007.
• The second review was started in May 2010. 
• In closing the second review, India and Singapore had successfully reached a mutual understanding and agreement.
• They also had agreed to expand coverage of tariff concessions, liberalize Rules of Origin, rationalize Product Specific Rules and include provisions on Certificate of Origin and Cooperation on its verification.
• These measures will further facilitate trade between India and Singapore and also improve utilization of CECA.
• The conclusion of second review was announced during the state visit of Prime Minister Narendra Modi to Singapore in June, 2018.
• Now, both countries are exploring the possibility of launching the 3rd Review of India-Singapore CECA in September, 2018.

A look at India-Singapore Trade:

• Singapore is the second largest trading partner of India within ASEAN and India is the largest trading partner of Singapore in South Asia with bilateral trade of US $17.7 billion in 2017-18.
• Singapore's trade with India constitutes about 21.8% of our total trade with ASEAN and 2.3% of our global trade.
• India had a trade surplus of US $2.73 billion with Singapore in 2017-18.

Question:

Q. With whom India has signed Second Protocol amending Comprehensive Economic Cooperation Agreement (CECA) in New Delhi?
a. South Korea
b. Sri Lanka
c. Singapore
d. None of the above