India could accede to Singapore's demand to prune its negative list under the Comprehensive Economic Cooperation Agreement in the light of New Delhi submitting a negative list of 854 items for Asean.
A revised negative list is likely to be tabled by India at the next review meeting with Singapore later this month.
"Since the list has been drastically reduced for Asean, we are examining Singapore's request to remove 752 trade items from the negative list of imports. There are, however, concerns by some sectors like petrochemicals which have to be examined by the commerce ministry before a revised list is finalised," a senior government official said.
India at present has 6,551 tariff lines in the negative list with Singapore. This list implies that the commodities and goods specified in it are not subject to any tariff reduction programme.
Singapore has sought removal of several items from this list from condensed milk to shrimps and a whole range of fabrics and yarns.
As part of the agreement for trade in goods under the India-Singapore CECA, of the total 11,650 tariff lines, 5,099 lines (or 44 per cent) have been offered for tariff liberalisation by New Delhi.
According to provisional data compiled by the Directorate General of Commercial Intelligence and Statistics, India's imports to Singapore during August 2005 to March 2006 had touched $2.13 billion against $1.75 billion in the same period the previous year, an increase of 21 per cent.
Meanwhile, India's exports to Singapore during August 2005 to March 2006 had touched $3.25 billion compared with $2.62 billion, an increase of around 24 per cent.
The next meeting of senior officials of India and Asean was likely to be held on July 21, which would be followed by a ministerial level meeting in August.
Officials said India would not revise its negative list of 854 items but would seek the response of Asean to India's offer for tariff rate quota on items like palmoil and rubber.
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