New Delhi, Nov 30: The Union Cabinet today gave its approval for tariff reduction on 555 products through a protocol of amendment of India-Singapore Comprehensive Economic Cooperation Agreement (CECA).

It also offering to Singapore for any subsequent improvement made at the time of ASEAN – India Free Trade Agreement (AIFTA) in terms of product coverage timeline, Rules of Origin (RoO) with appropriate amendments to India-Singapore CECA

The tariff concessions would further enhance growth in bilateral trade with economic benefits to both countries.

As Singapore is a member country of ASEAN, betterment made in the ASEAN –India FTA over CECA may be incorporated in CECA to maximize gains to both countries.

The tariff reduction will commence from December 1. (ANI)