Singapore plans to develop a Special Economic Zone in India and has suggested forming a study team for greater cooperation in banking sector as part of efforts to enhance economic ties.
This was indicated in the joint statement on the mid-term review of Comprehensive Economic Cooperation Agreement, which was conducted by Commerce Minister Kamal Nath and Singapore's Minister for Trade Lin Hng Kiang, an official release said.
The ministers welcomed the interest of Indian and Singapore banks to expand in each other's market. Singapore has made an offer for the banking regulators from both sides to form a study team to consider Indian banks' interest in obtaining a Qualifying Full Bank licence in the city-state.
The ministers said that the Mutual Recognition Joint Committee would continue work on implementation of agreements for electronics, telecom equipment and egg products.
India and Singapore have made some progress in MRA on architectural services. India agreed with Singapore that MRAs pertaining to accountants, doctors, dentists and nurses needed to be concluded by August this year, the release said.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
