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India – Singapore Relations

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• External Affairs Minister Dr. S Jaishankar met with Singapore Prime Minister Lee Hsien Loong to discuss matters concerning the Indo-Pacific and West Asia;
• Jaishankar expressed gratitude for Prime Minister Lee’s positive sentiments towards India, highlighting their importance in strengthening bilateral relations;
• Jaishankar, currently on a three-day visit to Singapore, had earlier met with Singapore’s Foreign Affairs Minister, Vivian Balakrishnan, to assess the progress of bilateral cooperation between India and Singapore.

India – Singapore Relations

Historical Foundations:

• The historical ties between India and Singapore can be traced back to the Chola However, the more recent association is credited to Sir Stamford Raffles, who established a trading post in Singapore along the Malacca Straits in 1819 and the trading post later evolved into a British Indian colony, administered from Calcutta between 1830 and 1867;
• The colonial legacy is evident in shared institutions, the adoption of English, and the presence of a significant Indian diaspora in Singapore;
• India’s economic reforms in the 1990s and its Look East policy opened avenues for a renewed framework of collaboration, culminating in the signing of the Comprehensive Economic Cooperation Agreement (CECA) in 2005;
• The deepening of this relationship was underscored during Prime Minister Modi’s visit to Singapore in November 2015 and on this occasion, he and Singapore Prime Minister Lee Hsien Loong signed a Joint Declaration on a Strategic Partnership, marking the 50th anniversary of diplomatic relations between the two nations.

Trade and Economic Integration:

• Singapore stands as one of India’s key trade and investment partners within the ASEAN region, constituting a substantial portion of bilateral trade and serving as a significant source of Foreign Direct Investment (FDI);
• The Comprehensive Economic Cooperation Agreement (CECA) signed in 2005 laid the groundwork for enhanced economic collaboration, further bolstered by initiatives like the India-Singapore Business Forum and the integration of payment systems to facilitate remittances.

Defence and Security Nexus:

• The convergence of interests in ensuring regional stability and maritime security has propelled India and Singapore into a Strategic Partnership since 2015;
• Strengthening defence ties through agreements like the Defence Cooperation Agreement and joint military exercises such as SIMBEX, SINDEX, and Bold Kurukshetra underscore the commitment to bolstering security cooperation.

Advancements in Education, Science, and Technology:

• Collaboration in education, science, and technology between India and Singapore has thrived, exemplified by forums like the India-Singapore Technology Summit;
• This partnership extends into diverse domains including AI, IoT, fintech, healthcare, and space exploration, with notable achievements such as ISRO’s launch of Singapore’s first indigenously built micro-satellite.

Cultural Affinity and People-to-People Bonds:

• Beyond economic and strategic realms, the relationship is enriched by a shared heritage of cultural diversity and linguistic ties;
• The significant presence of the Indian diaspora in Singapore, contributing to its economic and social fabric, serves as a testament to the enduring cultural exchanges between the two nations.

Cooperation in Infrastructure Development:

• Harnessing Singapore’s expertise in infrastructure development and urban planning, India seeks to realize its vision of sustainable development and smart cities;
• Collaborative efforts in developing industrial parks, airports, and urban infrastructure projects underscore the synergy between Singaporean expertise and India’s developmental aspirations.

Integration of Singapore’s ‘Proxtera’ with India’s ONDC:

• Exploring opportunities for further collaboration, integrating Singapore’s ‘Proxtera’ with India’s Open Network for Digital Commerce (ONDC) could unlock new avenues for digital innovation and commerce;
• It aligns with the broader goal of fostering digital ecosystems and enhancing economic connectivity.

Initiative for strengthening economic and trade relationships between India and Singapore

• Comprehensive Economic Cooperation Agreement (CECA): Enacted in 2005, the CECA stands as a cornerstone in bolstering economic ties between India and Singapore. This landmark agreement catalyzed a fourfold increase in bilateral trade, soaring to $35.6 billion by the fiscal year 2022-23;
• 100% FDI Policy in India: India’s progressive policy allowing 100% Foreign Direct Investment across most manufacturing sectors has been a magnet for numerous Singaporean conglomerates and institutions. This policy shift has stimulated a surge in investments from Singapore into India’s burgeoning market;
• Expansion of Indian Companies in Singapore: Over the period from 2014 to 2023, the landscape of Indian businesses in Singapore has witnessed remarkable growth. The number of Indian companies has surged from 6,000 to over 9,000, diversifying across sectors such as tourism, telecommunications, financial services, and e-commerce;
• Unified Payments Interface (UPI)-PayNow Linkage: In a groundbreaking move, the UPI-PayNow linkage was inaugurated in 2023, marking the world’s first real-time payment systems integration. This innovative step has streamlined financial transactions between India and Singapore, fostering seamless connectivity and facilitating commerce;
• Trade Trust Framework: Introduced in 2023, the Trade Trust Framework represents a paradigm shift in trade finance transactions between Singapore and Indian entities. Leveraging blockchain technology for electronic Bills of Lading, this framework enhances efficiency, transparency, and security in cross-border trade;
• Emphasis on Renewable Energy: India’s ambitious renewable energy initiatives, underscored by a remarkable 92% growth in power capacity from renewables in 2022, have piqued Singapore’s interest for investment and sourcing opportunities. This focus on renewable energy further solidifies the foundation for sustainable economic collaboration between the two nations.

Source: Newsonair

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