In 2005, the two nations signed the Comprehensive Economic Cooperation Agreement (CECAF) and organized the India-Singapore Parliament Forum and the Singapore-India Partnership Foundation, with the active support of the Federation of Indian Chambers of Commerce and Industry (FICC), the Confederation of Indian Industry (CII) and the Singapore Business Federation to promote trade, economic development and partnerships. [2] [3] [4] The C.A.A. has removed customs barriers, double taxation, double procedures and regulations and has ensured free access and cooperation between financial institutions in Singapore and India. [2] [3] The CACE has also improved bilateral cooperation in the fields of education, science and technology, intellectual property and aviation, and enabled Indian professionals in information technology, medicine, engineering and finance. [2] [3] Singapore has invested in projects to modernize Indian ports and airports, as well as in the development of information technology parks and special economic zone (SEZ). [2] India has become Singapore`s 4th largest tourist destination and more than 650,000 Indians visited Singapore in 2006. The two countries have cooperated in the fields of aerospace, space programs, information technology, biotechnology and energy. [2] The India-Singapore Economic Cooperation Agreement, also known as the Comprehensive Economic Cooperation Agreement or simply cecaf, is a free trade agreement between Singapore and India aimed at strengthening bilateral trade. It was signed on 29 June 2005.
[1] While the Ministry of Trade and Industry (MTI) issued a statement that Singaporeans are “naturally concerned” about competition from foreign professionals and executives (SMEs) due to the currently sluggish economic and employment situation. However, it is “misleading” to assert that the number of Indian SMEs, in particular transferred internally within the company, belongs exclusively or to a large extent to CECAF. MTI also refuted that none of our free trade agreements, including ECSC, require us to automatically grant employment passports to every foreigner. In addition, “all foreigners who apply for a job card must meet our current criteria and all companies must respect the rules of fair hiring.” Despite the government`s clarification on this subject, netizens remain skeptical about the free trade agreement between Singapore and India. [13] Singapore and India completed the second revision of the Comprehensive Economic Cooperation Agreement (CECAF) between India and Singapore on 1 June 2018, in the presence of Indian Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong. [7] It allows the movement of four types of businessmen between Singapore and India. The second revision of the C.A.C.A. was completed without any amendment to the chapter on the free movement of persons. [8] COPACE has become a point of complaint for Singaporeans who believe that a large influx of Indian skilled workers has stolen their jobs and is supplanting our society.
[10] In the public Facebook group SG Opposition, Michael da Silva said the government allows Indian professionals to attract citizens and ultimately win their vote for the ruling party. These concerns have increased as Singapore faces its worst recession and countries around the world continue to struggle to contain the Covid 19 pandemic. [11] [12] In 2020, Leong Mun Wai spoke in Parliament as a Non-Constituency MP (NCMP)[18][19][20] and mentioned: as he is “deeply disappointed” that DBS Bank, a Singaporean multinational bank, did not have a Singapore-born “indigenous” chief executive, the Bank`s CEO, Piyush Gupta, being an Indian national at the time of his appointment, but having become Singaporean only soon after. he is therefore a beneficiary of the C.A.C.A. [21] Leong was later refuted by the Minister of Communication and Information S. . .