Day By Day

Wednesday, June 29, 2005

Asian Economic Integration -- India and Singapore Ink Pact

The Statesman reports:
NEW DELHI, June 29. — India and Singapore today signed four treaties, including the landmark Comprehensive Economic Cooperation Agreement, (CECA). The pact signed by the the Prime Ministers of the two countries will open up banking sector and boost bilateral trade and investment. The CECA agreement will also liberalise the service sector and ease the visa restrictions for professionals from the two countries.
Singapore today reaffirmed its support to India’s quest for permanent seat in the United Nations Security Council. This was conveyed by the visiting Singapore Prime Minister Mr Lee Hsien Loong during his meeting with external affairs minister Mr K Natwar Singh.
Read it here.

India is attempting to organize an economic and defense bloc to counter Chinese expansion in the region. Singapore is a vital element in any such strategic arrangement. And as a consequence, the integration of Asia's economies progresses.

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