Some amendments may be necessary to the Comprehensive Economic Cooperation Agreement (CECA) signed between India and Singapore and these matters are now under discussion. Mutual recognition of professional qualifications is one of the aspects under discussion.
Indicating this here, R. Narayanamohan, Chairman of the Singapore Indian Chamber of Commerce & Industry, said that both India and Singapore were talking about the amendments “to make it more relevant to the current business environment.” CECA is one of the first such pacts signed by India.
On the areas where amendments are being felt necessary, he said that one area was “the mutual recognition of professional qualifications”. He was talking to the press after his formal address at the meeting which was hosted by the Confederation of Indian Industry (CII).
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Mr. Narayanamohan said the overall aim of the amendments would be to make CECA, a pact signed six years ago, more business-friendly. CECA was signed to strengthen and enhance economic trade and investment cooperation between India and Singapore.
One of CECA's aim was to contribute to the promotion of closer links with other countries in the Southeast Asian region.
He said bilateral trade between India and Singapore stood at $30.5 billion in 2010 and was estimated to have increased to around $35.5 billion in 2011, although rupee depreciation would depress the figure a bit.
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The business mission is visiting Hyderabad and has eight participating companies.