Singapore-India Fund: New Delhi Offers Structural Arrangement

New Delhi, Nov 2: | Updated: Nov 3 2003, 05:30am hrs
New Delhi has proposed a structural arrangement for the $100 million commitment to the Singapore-India Fund by Standard Chartered Private Equity and Temasek Holdings to facilitate further financial commitments. The proposal was made during the fifth round of negotiations on the comprehensive economic cooperation agreement (CECA) between the two countries which concluded in New Delhi on Friday.

The Indian side to the talks was led by commerce secretary Dipak Chatterjee, and the Singapore side by its permanent secretary for trade and industry, Heng Swee Keat.

An official release said that discussions on trade in goods covered tariff concessions, rules of origin, customs, anti-dumping and safeguard measures and mutual recognition agreements. The text of the framework agreement was largely settled.

On trade in services, there were discussions on financial services and the movement of natural persons. Counterpart associations from the accountancy and architecture professions also held meetings with a view to exploring the possibility of a mutual recognition agreement.

On the investment framework, a broad agreement was reached for an exchange of requests in different sectors. Cooperation items discussed under CECA included air services, tourism, education, intellectual property rights and the shipping sector.