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Landmark Comprehensive Economic Cooperation Agreement between India and Singapore will boost bilateral trade and investment
India and Singapore came closer to each other in a strategic manner through the landmark Comprehensive Economic Cooperation Agreement (CECA).
According to media reports, The landmark Comprehensive Economic Cooperation Agreement between India and Singapore will boost bilateral trade and investment besides opening up the banking industry, liberalising the services sector and easing visa restrictions for professionals of the two countries.
The agreement, India's first ever, is an integrated package comprising trade in goods and services, an agreement on investments and mutual recognition agreements in services and conformity assessment of standards in goods. It also has cooperation pacts in customs, science and technology, media, education, e-commerce and intellectual property.
The pact includes a Bilateral Investment Protection Agreement (BIPA), a Double Taxation Avoidance Agreement (DTAA) with additional safeguards to avoid misuse by shell companies and a Bilateral Economic Integration Agreement in Services.
As per the pact, India will allow three major Singapore banks to set up wholly-owned subsidiaries in the country.
The three banks - DBS Holdings, Oversea Chinese Banking Corporation and United Overseas Bank - will be given national treatment on par with Indian banks with regard to branches, places of operation and prudential requirements.
In turn, Indian banks already operating in Singapore will get full banking status which meant they will be allowed electronic fund transfer, clearance and use of local ATMs.
India has also allowed two FIIs - Temasek and Singapore Government Investment Company - to hold a total of 20 per cent stake in any Indian company as against the normal cap of 10 per cent put by market regulator SEBI.
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