Buoyed by a 54 per cent growth in trade at $7.6 billion, India and China have decided to work out 5-year programme to enhance economic cooperation including a free-trade agreement.
Singapore on Wednesday said it was hopeful that a Free Trade Agreement with India would be signed by the middle of this year.
'There is a trade in goods, a lot of tariff.'
He said that India will work with Singapore to bring the Regional Comprehensive Economic Partnership to early conclusion. He also said the India-Singapore Comprehensive Economic Cooperation Agreement has been reviewed and the two sides will work to further upgrade it.
In a bid to strengthen their bilateral economic ties, India and Indonesia plan to explore opportunities for co-operation in oil and gas, and railway sectors, among other areas.
During his visit to India last year, Australian Prime Minister Tony Abbott had expressed concern over lack of growth in bilateral trade.
Prime Minister Narendra Modi has met his Australian counterpart Scott Morrison in Washington, DC, ahead of the first in-person Quad meeting to be hosted by US President Joe Biden and discussed a broad range of issues of bilateral, regional and global importance, including the Indo-Pacific.
India's efforts to join the grouping suffered a setback in June when the NSG plenary decided against accepting its membership application after China and some other nations opposed entry of a non- Non-Proliferation Treaty signatory.
The minister said Australia would benefit greatly from this pact.
Two years ago, the number was 4,000, according to Indian businessmen.
The Singapore Minister applauded Prime Minister Modi's effort to make India the manufacturing hub of the world.
The Mutual Logistics Support Agreement will allow militaries of the two countries to use each other's bases for repair and replenishment of supplies besides facilitating scaling up of overall defence cooperation.
Adani Enterprises recently also inked a pact to buy out Linc Energy's royalty rights from the Carmichael coal project for AUD155 million.
The main issue has been that of a higher Asset Management Ratio as has been prescribed by the Monetary Authority of Singapore for qualifying full banks from India.
Modi hailed the close defence cooperation between the two countries and welcomed the completion of the logistics agreement between the two navies.
Having invested close to $15 billion in Indonesia, Indian firms have lined up further $15-16 billion investments.
During 2013-14, imports from Japan, South Korea and Malaysia stood at $9.49 billion, $12.47 billion and $9.21 billion respectively.
The decline in the trade has been attributed to factors like drop in gold imports from Australia, decline in coal prices as well as slowing down of the Indian economy.
It is often said that the India-Indonesia relationship is overshadowed by mutual neglect.
Modi held comprehensive talks with Singapore Prime Minister Lee Hsien Loong on ways to enhance cooperation in key sectors including trade and investment.
During their talks, the two leaders decided to significantly expand their ties in several key areas including defence, trade, energy and education.
Moon Jae-in's visit will play a crucial role in exploring complementarities between India's Act East policy and South Korea's New Southern policy, says Dr Rahul Mishra.
Lee Hsien Loong's splendid victory in Singapore could be India's gain.
Thailand's importance to India's Act East policy is too significant to be overlooked.
Prime Minister Malcolm Turnbull's first State visit to India is an indication of the success of India's Act East Policy, says Dr Rahul Mishra.
Trade between India and Indonesia stands at $20 billion.
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