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Singapore, May 10 (PTI) Commerce Minister Anand Sharma and his Singaporean counterpart Lim Hng Kiang will review the comprehensive trade pact between the two countries in New Delhi tomorrow. The Comprehensive Economic Cooperation Agreement (CECA), signed in 2005, facilitates trade and investment in goods, services and investment protection features. Singapore''s Trade and Industry Minister Lim is arriving in New Delhi tomorrow to launch the second review of the pact. Lim will also meet with key Indian business leaders in New Delhi, the Singapore''s Trade Ministry said today. The ministers would also exchange letters on the special medicinal product registration scheme, an outcome from the first CECA review, it said. While the first review, which was completed in 2007, had focused largely on implementation issues, the second review is intended to be more comprehensive with a view to improve the goods, services and investment chapters. The trade between India and Singapore, since 2005, has increased at a rate of 20 per cent annually, peaking at 28.8 billion Singaporean dollar in 2008. Although bilateral trade took a dip due to the economic crisis last year, it has quickly rebounded to 7 billion Singaporean dollar in the first quarter of 2010, up 38 per cent from the same period in 2009. India is Singapore''s 11th largest trading partner in 2009 and seventh largest investor with foreign direct investment jumping eight-folds to 11 billion Singaporean dollars in 2008 compared to that in 2005. Singapore ranked second in terms of FDI inflows into India with 2.9 billion Singaporean dollar in 2009.
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