Deepening Economic Ties

India and Singapore have taken significant steps to deepen their economic cooperation during the fourth meeting of their Joint Working Group on Trade & Investment (JWGTI). Held at Vanijya Bhawan in New Delhi, the discussions focused on expanding trade and investment links, aligning priority sectors, and improving logistics and supply chain efficiency.

Exploring New Opportunities

The meeting reviewed progress in existing collaborations, such as the semiconductor sector and the digitalisation of trade processes. New opportunities in skills development, capacity building, and emerging industries were also explored, marking a milestone in the 60th anniversary of diplomatic ties between the two nations.

A Milestone Year

This year also marks the 20th anniversary of the Comprehensive Economic Cooperation Agreement (CECA), India’s first comprehensive trade pact with any nation and Singapore’s first such agreement with a South Asian country. Singapore remains India’s largest trading partner within ASEAN, with bilateral trade reaching $34.26 billion in 2024-25.

Investment Flows

Singapore is the second-largest source of Foreign Direct Investment into India, contributing $163.85 billion in equity inflows between April 2000 and July 2024, accounting for roughly 24% of cumulative FDI inflows.