India Cuts Import Tariffs On Textiles And Machinery In Singapore
India's Ministry of finance has cut tariffs on 539 kinds of manufactured goods in Singapore.
This is based on bilateral freedom.
Trade
The agreement agreed to cancel part of the tariff.
This latest initiative will further promote bilateral goods.
Trade
By 2015, bilateral trade in goods is expected to double to US $32 billion.
Cut tariffs on 539 kinds of finished products, and expect to reduce a range of products.
Import cost
It includes machinery and electrical appliances, machinery, textile raw materials and textile products, rubber and plastic products.
The bilateral free trade agreement is officially known as the comprehensive economic cooperation agreement (CECA). It began operation in August 2005, and the two countries lowered tariffs and expanded trade in goods.
In May 2010, the two sides agreed to expand bilateral trade from 16 billion US dollars to US $32 billion by 2015.
With the launch of a new round of tariff reductions (539 products), import tariffs on 307 products are now close to zero and are expected to be cancelled in December 1st.
For foreign direct investment (FDI), Singapore is the largest investor in ASEAN countries in India, and is the second largest investor in all countries.
Official figures show that Singapore invested $2 billion 400 million in India in 2009-10 years.
From April 2000 to March 2010, the total investment amounted to US $10 billion 200 million.
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