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Singapore considering SEZ in India
Special Correspondent
NEW DELHI:
Singapore is actively considering developing a Special Economic Zone in India to bring in a large range of industries. It has proposed setting up a study team to enhance cooperation in the banking sector.
This was indicated in the joint statement on the mid-term review of the India-Singapore Comprehensive Economic Cooperation Agreement (CECA), which was conducted by Commerce and Industry Minister Kamal Nath and Singapore's Trade and Industry Minister Lim Hng Kiang.
According to an official release, the ministers welcomed the interest of Indian and Singapore banks to expand in each other's markets as banks play a critical role in facilitating trade and investments. Since the signing of CECA, Singapore has admitted UTI Bank and Bank of Baroda.
The city-state has also made an offer for banking regulators from both sides to form a study team to consider Indian banks' interest in obtaining a qualifying full bank licence.
The ministers noted that the Mutual Recognition Joint Committee would continue work on implementation of agreements for electronics products.
Both sides discussed the value of fine-tuning the provisions of the agreement on avoidance of double taxation (DTAA).
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