On Tuesday, the Minister for Commerce, Anand Sharma said that within next five years, the total trade between India and Singapore will become $35 billion.

During the joint press conference organized by India and Singapore, he said, "India and Singapore have agreed to work towards doubling bilateral trade from $16 billion to $32 billion by 2015."

He was supported by his Singaporean counterpart Lim Hng Kiang.

The two ministers also inaugurated the second review of the India-Singapore Comprehensive Economic Cooperation Agreement (CECA). The treaty was first signed in 2005 with an aim to smoothen the trade and investment between the two countries.

Since that time, the total trade between the two nations has risen with an annual rate of 20 per cent. The first review was done in 2007.

It has now been decided that the officials of the two nations will meet every quarter to complete the second review.

"We want to take the CECA forward in the coming five years," Sharma added.

The minister also said that the two nations are trying hard to remove the trade barriers.

He said the two countries are looking to remove trade barriers, expand the product basket and encourage the flow of tourists, businessmen and professionals.

While the two sides agreed to establish an India-Singapore CEOs Forum, they signed a 'Special Scheme for Registration of Generic Medicinal Products from India' which seeks to fast-track the registration process for Indian generic medicines in Singapore.

The CECA review will look at exploring and developing cooperation in science and technology, intellectual property rights, and the media.

Besides, it will also look into expediting the conclusion of Mutual Recognition Agreements (MRAs) for dental, medical, nursing, architecture, accountancy and company secretary professionals on priority.