India, Singapore unveil roadmap to boost trade under comprehensive strategic partnership

India and Singapore on Thursday issued a joint statement on the Comprehensive Strategic Partnership (CSP), which is aimed at deepening trade ties between the two countries. The announcement was made after several rounds of talks between Prime Minister Narendra Modi and his Singaporean counterpart Lawrence Wong, who is on his maiden official visit to India.

The two leaders agreed to deepen bilateral trade and access to markets, including through building on the Comprehensive Economic Cooperation Agreement (CECA), and taking into consideration both countries’ trade priorities. Both sides will make progress on the third review of CECA and achieve substantial review of the ASEAN India Trade in Goods Agreement (AITIGA) in 2025.

India’s semiconductor industry and ecosystem will see increased support under the India-Singapore Semiconductor Policy Dialogue. This includes facilitating partnerships with Singapore companies; advancing resilient semiconductor supply chains; exploring mutually beneficial research; development collaborations; promoting workforce development; and encouraging business-to-business cooperation through information sharing, exchange of best practices, direct investments, and potential partnerships between Indian and Singapore firms.

The two countries will develop sustainable industrial parks and next-generation industrial parks with advanced manufacturing capabilities. They will jointly enhance India-Singapore capital market connectivity and build on the NSE-IFSC-SGX GIFT Connect initiative. Additionally, the aim is to promote collaboration in the space sector, including between the Indian National Space Promotion and Authorisation Centre (IN-SPACe) and the Office for Space Technology & Industry, Singapore.

In the area of skills development, the countries will partner in the area of skills development and capacity building. They will develop a National Centre of Excellence in Chennai on advanced manufacturing. To deepen cooperation in digital and financial technologies, digital finance and fintech cooperation will be strengthened, with focus on cyber security and capital market linkages.

In the area of sustainability, the countries will step up cooperation in ongoing and new areas including green hydrogen and ammonia production and trade, and urban water management. There will also be a focus on expanding maritime and aviation connectivity, with the establishment of an India-Singapore Green and Digital Shipping Corridor (GDSC) between the port of Singapore and ports in India.