New Delhi: Prime Minister Narendra Modi on Thursday announced that the Bilateral Comprehensive Economic Cooperation Agreement (BCECA) between India and Singapore, along with the Free Trade Agreement with ASEAN, will be reviewed in a time-bound manner to accelerate mutual trade and strengthen bilateral ties.
Investment in skill development
Speaking at a joint press conference with Singaporean Prime Minister Lawrence Wong, PM Modi highlighted Singapore’s investment in setting up a National Centre of Excellence for Skilling in Chennai. The centre aims to develop skilled manpower in advanced manufacturing, boosting India’s industrial capabilities.
“We have decided that the Bilateral Comprehensive Economic Cooperation Agreement and our Free Trade Agreement with ASEAN will be reviewed in a time-bound manner to accelerate mutual trade. Our states will also be important stakeholders in India-Singapore relations,” he said, noting that Singapore’s engagement extends to state-level collaborations, with visits by the Chief Ministers of Odisha, Telangana, Assam, and Andhra Pradesh over the past year.
GIFT City and semiconductor collaboration
PM Modi also noted the strategic role of GIFT City in Gujarat, which is helping connect the stock markets of both nations. The Semiconductor Ecosystem Partnership Agreement, signed last year, has further boosted research and development in the sector, with Singaporean companies actively participating in India’s semiconductor initiatives.
“Singapore will help in setting up a National Centre of Excellence for Skilling in Chennai. This centre will prepare skilled manpower in the field of advanced manufacturing,” he added, underlining the mutual benefits of industrial and technological collaboration.
Enhancing maritime infrastructure
PM Modi hailed the inauguration of the India Mumbai Container Terminal Phase II, developed by Singapore’s PSA International, stating that it will enhance India’s container handling capacity. He also highlighted the agreement for Green and Digital Shipping Corridors, which will promote green fuel supply chains and digital port clearance in the maritime sector.
“India is working rapidly on the development of its port infrastructure. Singapore’s experience is extremely useful in this. Today we inaugurated the India Mumbai Container Terminal Phase II developed by Singapore’s company PSA International. This will further increase our container handling capacity,” he said.
Shared vision for peace and stability
On the broader diplomatic front, PM Modi emphasised that India and Singapore share a common vision of peace and stability in the region.
“Singapore is an important pillar of our Act East Policy. We will continue to work together with ASEAN to advance cooperation and joint vision of peace and stability in the Indo-Pacific region,” he said.
The announcement reflects the deepening economic, technological, and strategic partnership between India and Singapore, highlighting the importance of long-term collaboration in trade, skill development, and infrastructure.