Rendered from the All Frontier Global corridor registry · every figure below carries a numbered source
India and Singapore trade under a Comprehensive Economic Cooperation Agreement signed on 29 June 2005[1] and in force since 1 August 2005[2] — twenty years old, twice amended, and with a Third Review launched in 2018 that no official source records as concluded[3]. Two official series describe the corridor, one Indian and one Singaporean, on different calendars and in different currencies; the registry records them separately and blends them nowhere. This page renders the corridor registry record — the agreement and its review chronology, both series as published, the commodity lists that exist and the one that deliberately does not, the mechanics from rules of origin to the UPI–PayNow rail, and the figures no official source would supply.
Comprehensive Economic Cooperation Agreement between the Republic of India and the Republic of Singapore (India-Singapore CECA). Unlike the India-Saudi and India-EU corridors, this is a concluded, in-force bilateral agreement — the first comprehensive economic agreement Singapore concluded with a South Asian country.[1]
The characterisation 'first comprehensive economic agreement between Singapore and a South Asian country' is verbatim from Singapore's Ministry of Trade and Industry CECA page (mti.gov.sg/trade-international-economic-relations/agreements/free-trade-agreements-fta/ceca/) and repeated by DPM Heng Swee Keat on 5 September 2024 (pmo.gov.sg). India also has an ASEAN-track agreement with Singapore via AITIGA; CECA is the bilateral instrument.
It was signed 29 June 2005[1] and entered into force 1 August 2005[2]. Verbatim: 'signed on 29th June, 2005 by the Prime Minister Mr. Manmohan Singh and H.E. Mr. Lee Hsien Loong'. Independently confirmed by PIB's 20 December 2007 release (pib.gov.in/newsite/erelcontent.aspx?relid=34178): 'signed on 29th June, 2005 by the Prime Minister Dr. Manmohan Singh and H.E. Mr. Lee Hsien Loong, Prime Minister of Singapore'.
Four key components — 'a free trade agreement (FTA) in goods; an arrangement for boosting trade in services, including financial services; a package to promote investment flows and provide mutual investment protection; and a new agreement for avoiding double taxation' — delivered across 16 chapters: trade in goods (Ch.2), rules of origin (Ch.3), customs cooperation (Ch.4), mutual recognition agreements on standards and technical regulations / SPS (Ch.5), investment protection (Ch.6), trade in services and movement of professionals (Ch.7), air services (Ch.8), movement of natural persons (Ch.9), e-commerce (Ch.10), IPR (Ch.11), science and technology (Ch.12), education (Ch.13), media (Ch.14), dispute settlement (Ch.15) and implementation procedures (Ch.16).[6]
Both the four-component and 16-chapter descriptions are quoted verbatim from the High Commission page. That page's TRADE FIGURES are badly stale (its most recent full year is FY2014-15 and its FDI figures stop at December 2015) and none of its numbers are used in the trade block of this file — only its structural description of the agreement. The Enterprise Singapore-hosted CECA legal text confirms Chapter 3 is Rules of Origin with Annex 3A (Product Specific Rules) and Annex 3B (Operational Certification Procedures).[6]
CECA is amended through numbered reviews and protocols rather than renegotiated. The registry carries each with the date attached to it.
Mid-term review meeting held 31 March 2006 between India's Minister for Commerce and Industry Kamal Nath and Singapore's Minister for Trade and Industry Lim Hng Kiang; joint press statement issued 1 April 2006. It addressed 'implementation of the agreement to date and how it could be further enhanced', covering mutual recognition agreements, banking sector expansion, special economic zones and trade in goods, with teams to follow up 'by 1 August 2006'.
This is the mid-term review, distinct from the numbered First/Second/Third Reviews. The same statement records that Singapore was the third largest investor in India in 2005 and India's seventh largest cumulative investor at that point.[7]
Concluded 1 October 2007. The resulting Protocol was announced by PIB on 20 December 2007 under the title 'India-Singapore Sign Protocol to Amend the Comprehensive Economic Cooperation Agreement (CECA) to Expand the Tariff Liberalization Package'. India agreed to 'eliminate/reduce tariff on 539 products (at 8-digit HS code)' across three phase-down tracks: 307 items over five equal cuts (2008-2011), 97 items over nine equal cuts (2008-2015), and 135 items reduced to 5% over nine equal cuts (2008-2015). Coverage of the value of India's imports from Singapore rose from 'about 83%' to 'about 93%'.
The conclusion date of 1 October 2007 is from commerce.gov.in ('concluded on 1st October 2007'); the Protocol's tariff content and the 83%/93% coverage figures are from the PIB release of 20 December 2007.[8][1]
Launched by India's Commerce and Industry Minister on 11 May 2010; first Secretary-level meeting held in Singapore on 3 August 2010; Chief Negotiators met in Delhi on 1-2 November 2012 after 8 rounds. The Second Review was concluded on 1 June 2018 during the Indian Prime Minister's State Visit to Singapore. MTI states the outcome: 'The Second Review expanded tariff concessions for an additional 30 products and updated the rules of origin.'
MTI's conclusion press release is dated 1 June 2018. The launch date, the 3 August 2010 meeting and the 1-2 November 2012 Chief Negotiators meeting are from commerce.gov.in, whose page still carries the pre-conclusion status line 'Discussions are being held to sort out certain outstanding issues' — i.e. commerce.gov.in's CECA review page has not been updated since before June 2018. The '+30 products / updated rules of origin' quote is from MTI's written parliamentary reply of 2 August 2021 (mti.gov.sg/newsroom/written-reply-to-pq-on-review-of-the-ceca/).[9][1]
The Second Protocol Amending the India-Singapore CECA was signed on 24 August 2018 by Shri Rajneesh, Joint Secretary in India's Ministry of Commerce and Industry, and Mr Francis Chong, Senior Director in Singapore's Ministry of Trade and Industry. It came into effect on 14 September 2018. Its provisions 'expand the coverage of tariff concessions, liberalize the Rules of Origin, rationalize Product Specific Rules and include provisions on Certificate of Origin and Cooperation on its verification.'
Same PIB release records bilateral trade of USD 17.7 billion in 2017-18 with an Indian trade surplus of USD 2.73 billion, and states Singapore's trade with India was 21.8% of India's total ASEAN trade and 2.3% of India's global trade in that year.[10]
Launched 1 September 2018 and NOT concluded as of the most recent official statement located. Singapore's MTI announced the launch on 1 September 2018, when Minister-in-Charge of Trade Relations S Iswaran met India's Minister of Commerce and Industry Suresh Prabhu, identifying 'trade facilitation, e-commerce and customs as areas in which enhancements could be made'. The India-Singapore Joint Statement of 5 September 2024 recorded that both leaders desired 'an early conclusion of the Third Review of CECA'. The most recent official statement, the India-Singapore Joint Statement of 4 September 2025, states only that 'Both sides will continue to engage in dialogue and make progress on initiation of the Third Review of CECA' — weaker language than the 2024 text, and referring to 'initiation' of a review formally launched in 2018.
Launch details and quote from the MTI press release PDF (mti.gov.sg/-/media/MTI/Newsroom/Press-Releases/2018/09/Third-review-of-the-India-Singapore-Comprehensive-Economic-Cooperation-Agreement-launched/third-ceca-review-press-release.pdf), which also records 2017 bilateral trade of S$25.2 billion. The 2024 'early conclusion' wording is from Singapore MFA's record of PM Modi's 4-5 September 2024 visit. The 4 September 2025 wording is independently carried by Singapore MFA's PM Wong visit statement. Singapore's MTI declines to publish specifics: its 2 August 2021 parliamentary reply states 'Details of past and on-going FTA negotiations between both parties are confidential.' NO official statement dated in 2026 on the review status was located from either government.[3]
The 4th Meeting of the India-Singapore Joint Working Group on Trade and Investment (JWGTI) was hosted by India at Vanijya Bhawan, New Delhi on 14 August 2025, co-chaired by Shri Rajesh Agrawal, Special Secretary in the Department of Commerce, and Dr Beh Swan Gin, Permanent Secretary of Singapore's Ministry of Trade and Industry. Discussion covered deepening bilateral trade and investment ties, priority sectors, logistics and supply chains, regulatory frameworks and cross-border trade facilitation, with semiconductors, trade digitalisation, skills development and capacity building named.[11]
The release notes 2025 as both the 60th anniversary of diplomatic relations and the 20th anniversary of CECA, and describes Singapore as India's largest ASEAN trading partner and second-largest FDI source. It does not report on the CECA Third Review.[11]
The India-Singapore Ministerial Roundtable (ISMR) is the corridor's senior political-economic mechanism. Inaugural meeting 17 September 2022 (New Delhi); 2nd 26 August 2024 (Singapore); 3rd 13 August 2025 (New Delhi). The third round covered six areas: sustainability, digitalisation, skills development, healthcare and medicine, advanced manufacturing, and connectivity. In 2024 the relationship was elevated to a Comprehensive Strategic Partnership.[12]
ISMR dates from the MEA brief. The six areas are from DPM and Minister for Trade and Industry Gan Kim Yong's post-ISMR doorstop transcript of 13 August 2025 (mti.gov.sg/Newsroom/Speeches/2025/08/Transcript-of-Deputy-Prime-Minister-and-Minister-for-Trade-and-Industry-Gan-Kim-Yongs-post-India-) and the MFA-MTI joint press statement of the same date. The Comprehensive Strategic Partnership elevation is from Singapore MFA's record of the 4-5 September 2024 visit.[12]
Primary official sources for the agreement: [1][2][13][9][14][15][7][8][10][3][11][4][12][6][16][17]
Period as the registry labels it: FY2024-25 (April 2024 - March 2025), Indian fiscal year, Government of India series[4]. For FY2024-25 the Ministry of External Affairs states total bilateral trade of US$34.3 bn[4], with India’s exports at US$12.98 bn and imports at US$21.29 bn[4]. The deficit is stated in the same sentence as the two legs, so nothing on this page is subtracted.
| Measure | Value | Period |
|---|---|---|
| Total bilateral trade | US$34.3 bn | FY2024-25 |
| India’s exports to Singapore | US$12.98 bn | FY2024-25 |
| India’s imports from Singapore | US$21.29 bn | FY2024-25 |
| India’s trade deficit | US$8.31 bn stated in source, not derived | FY2024-25 |
Total: Verbatim: 'Bilateral trade expanded after the conclusion of CECA from USD 6.7 billion in FY 2004-05 to USD 34.3 billion in 2024-25'. PIB's 4th JWGTI release of 14 August 2025 states the same year as 'USD 34.26 billion during 2024-25'; the export and import components below sum to USD 34.27bn. This is the MOST RECENT COMPLETE INDIAN FISCAL YEAR FOR WHICH AN OFFICIAL SPLIT EXISTS — see Not yet verified on the missing FY2025-26.[4][11]
Deficit: NOT DERIVED. The deficit is stated as a figure in its own right in the source sentence: 'Our imports from Singapore in FY 2024-25 were USD 21.29 billion (YoY growth of 0.43%), exports to Singapore totaled USD 12.98 billion (YoY decline of 9.98 %) with trade deficit of USD 8.31 billion.' Unlike the India-Saudi corridor, no subtraction was performed here. The deficit runs in Singapore's favour; India ran a SURPLUS with Singapore in the early CECA years (see historical_series).[4]
Singapore is India's 6th largest trade partner in FY2024-25 with a share of around 2.96% of India's overall trade.[4] Verbatim. PIB separately describes Singapore as 'India's largest ASEAN trading partner' (pib.gov.in PRID=2156826).
FY2023-24 is retained because it is the most recent year for which BOTH an Indian parliamentary annexure with exact million-dollar figures AND a stated trade-balance column exist.[18]
| Measure | Value | Period |
|---|---|---|
| Total bilateral trade | US$35.61 bn | FY2023-24 |
| India’s exports to Singapore | US$14.41427 bn | FY2023-24 |
| India’s imports from Singapore | US$21.19925 bn | FY2023-24 |
| India’s trade deficit | US$6.78498 bn stated in source, not derived | FY2023-24 |
The registry stores this year to five decimal places of a US$ billion because the parliamentary annexure prints it in US$ million. Each figure as the annexure itself prints it:
Total: PIB states bilateral trade of '$35.61 billion' for 2023-24 with Singapore ranked India's 6th largest partner. MEA's September 2024 brief gives 'USD 35.6 billion in 2023-24'. The Department of Commerce annexure figures below sum to USD 35,613.52 million, consistent with both.[19]
Exports: Annexure value US$ 14,414.27 million. MEA's September 2024 brief states the same as 'US$ 14.4 billion (growth of 20.2 % vis-a-vis previous year)'.[18]
Imports: Annexure value US$ 21,199.25 million. MEA's September 2024 brief states the same as 'US$ 21.2 billion (decline of 10.2% vis-a-vis previous year)'.[18]
Deficit: NOT DERIVED. The Annexure to the parliamentary answer carries a Trade Balance column stating a deficit of US$ 6,784.98 million for Singapore in 2023-24.[18]
Singapore is India's 6th largest trade partner (2023-24) with a share of 3.2% of India's overall trade.[20] Verbatim. Note the share fell to around 2.96% in FY2024-25 while the rank held at 6th.
SERIES OWNER: Enterprise Singapore. Only the aggregate goods headline is publicly stated. India does not appear in Enterprise Singapore's published Top 10 Markets tables for NODX or NORX in the December 2025 release, which is consistent with India being a mid-ranked rather than top-ten partner on the Singapore side.[5]
| Measure | Value | Year |
|---|---|---|
| Total bilateral trade in goods | SGD 35.01 bn | 2025 |
| India’s exports to Singapore | not published[5] | 2025 |
| Singapore’s exports to India | not published[5] | 2025 |
Total: Verbatim label and value from Enterprise Singapore's India market guide statistics panel: 'S$35.01b — Total bilateral trade in goods (2025) — Enterprise Singapore'. GOODS ONLY, per the label. No export/import split, no US dollar equivalent and no monthly or quarterly series were obtainable from a free official Singapore source — see Not yet verified.[5]
Split: NOT AVAILABLE. Enterprise Singapore's StatLink, the authoritative source for 'trade volumes and values of Singapore's bilateral trade', is 'an online subscription based system' and returns no public country-level data. SingStat's Merchandise Trade by Region/Market page returned 'No data available for the selected subject' and Enterprise Singapore's December 2025 monthly trade report lists Top 10 Markets that do not include India. The SingStat TableBuilder API was unreachable through the agent proxy.[5]
Eight rows drawn from four different Government of India publications. They are not a single consistent table, they have five missing years in the middle, and each row therefore carries its own source.
| Period | Total | India’s exports | India’s imports | As the registry records it |
|---|---|---|---|---|
| FY2004-05[6] | US$6,700 mn | US$4,000.6 mn | US$2,651.4 mn | Exports and imports in USD million from the High Commission table; the USD 6.7 billion total is the figure repeated in every MEA brief as the CECA baseline. Components sum to 6,652.0mn, close to but not identical with the 6.7bn narrative headline — both are official, neither is adjusted here. |
| FY2011-12[6] | US$25,458 mn | US$16,857.7 mn | US$8,600.3 mn | USD million. The High Commission narrative describes the same year as 'US$ 25.2 billion'; the table components sum to 25,458.0mn. India ran a large SURPLUS in this year — the direction of the balance has since reversed. |
| FY2013-14[6] | US$19,273 mn | US$12,510.5 mn | US$6,762.5 mn | USD million; narrative headline 'US$ 19.3 billion'. |
| FY2014-15[6] | US$16,934 mn | US$9,809.53 mn | US$7,124.47 mn | USD million; narrative headline 'US$ 16.9 billion'. |
| FY2020-21[21] | no total stated in source | US$8,700 mn | US$13,300 mn | USD million, converted from the brief's 'USD 8.7 billion' and 'USD 13.3 billion'. No total stated for this year in the source; NOT summed here. |
| FY2021-22[21] | US$30,110 mn | US$11,150 mn | US$18,960 mn | USD million, from the MEA brief dated August 2023: total 'USD 30.11 billion', exports 'USD 11.15 billion', imports 'USD 18.96 billion'. |
| FY2023-24[18] | US$35,613.52 mn | US$14,414.27 mn | US$21,199.25 mn | USD million, exact figures from the Department of Commerce annexure. Total is the annexure's own row, matching PIB's '$35.61 billion'. |
| FY2024-25[4] | US$34,300 mn | US$12,980 mn | US$21,290 mn | USD million, converted from the MEA April 2026 brief's billions. PIB's independently stated total for this year is USD 34.26 billion. |
Unit as the registry states it: USD (mixed precision: some rows in USD million from tables, some in USD billion from narrative text)[6][4]
These are separate series and separate bases, carried side by side and reconciled with nothing.
Bilateral trade of USD 34.26 billion during 2024-25; Singapore's FDI into India of USD 163.85 billion (INR 11,24,509.65 crore) between April 2000 and July 2024, approximately 24% of India's cumulative inflows; Singapore described as India's largest ASEAN trading partner and second-largest FDI source. 2025 marks 60 years of diplomatic relations and 20 years of CECA.
SINGAPORE SERIES, EARLIER YEAR: 'annual bilateral trade has grown by 2.5 times — from S$20 billion in 2005 to S$51.2 billion in 2022'. Also: 'Singapore was also the largest external investor into India in FY2022'; CECA is 'one of Singapore's network of 27 implemented Free Trade Agreements'. This S$51.2bn (2022) figure is materially larger than Enterprise Singapore's S$35.01bn goods figure for 2025 and its basis is not stated in the speech — see Not yet verified.
SINGAPORE SERIES, HISTORICAL: 'In 2017, total bilateral trade between Singapore and India amounted to S$25.2 billion'; India was 'Singapore's largest trading partner in South Asia'; Singapore was 'India's 2nd largest trading partner within ASEAN' and 'the second largest investor in India in 2017'.
INDIAN SERIES, HISTORICAL: bilateral trade of USD 17.7 billion in 2017-18 with an Indian trade SURPLUS of USD 2.73 billion; Singapore accounted for 21.8% of India's total ASEAN trade and 2.3% of India's global trade.
PARTIAL-YEAR DIRECTION OF TRAVEL, NOT A LEVEL: India's exports to Singapore expanded 48.8% year-on-year in Jan-Mar 2026 (Q4 FY2025-26) and imports from Singapore grew 10.3%. The Q3 FY2025-26 report (published April 2026) records the opposite quarter: exports down 34.0%, imports up 25.8%. The Q2 FY2025-26 report (published February 2026) records exports down 18%. These are growth rates only; NITI Aayog publishes no India-Singapore level for the full fiscal year.
MOST RECENT OFFICIAL DATA POINT OF ANY KIND ON THIS CORRIDOR: Singapore is named as one of the 'Top 5 export destinations, in terms of change in value, exhibiting positive growth in May 2026 vis a vis May 2025' at 68.96%, and at 123.75% for April-May 2026-27 versus April-May 2025-26. Percentage growth only — the release publishes no absolute Singapore value.
No official source publishes a valued commodity split for this corridor in either direction. What exists is a set of named categories, each tied to a quarter or to no period at all, and one direction for which the registry records nothing.
Named as the drivers of one quarter’s growth, not as the largest lines by value: Petroleum products, Electric machinery and equipment, Ships, boats and floating structures[23].
Verbatim: 'Export growth to Singapore, where exports expanded by 48.8%, driven by higher exports of petroleum products, electric machinery and equipment, and ships, boats, and floating structures'. These are the named DRIVERS OF GROWTH in one quarter, which is the closest an official source came to a commodity composition for this direction. They are not stated as the largest lines by value.[23]
Mineral fuels: Named as the commodity whose reduced shipments drove an 18% year-on-year fall in India's exports to Singapore in the quarter.[25]
The Q2 decline attributed to 'lesser shipments of mineral fuels' and the Q4 growth attributed to 'petroleum products' are consistent: refined petroleum is the swing line in India's exports to Singapore. Recorded as two separate observations rather than merged.[25][23]
The Singapore series names top traded products without stating a direction, a value, a share or a year: Electronics components and parts, Fuels, Agri-commodities, Pharmaceutical goods[5].
Verbatim: 'India is one of Singapore's largest trading partners, with top traded products including electronics components and parts, fuels, agri-commodities and pharmaceutical goods.' DIRECTION IS NOT STATED and must not be inferred. No value, share or year is attached to the list. This is the ONLY official commodity list located that speaks to the Singapore-to-India direction at all, and it does so only by implication.[5]
EMPTY BY DESIGN. No Government of India or Government of Singapore source located in this pass publishes a commodity list for India's imports from Singapore. See Not yet verified. Do not populate this from the tariff-concession sector list in mechanics — those are the sectors where CECA cut duties, which is a different thing from what actually moves.
A twenty-year-old agreement’s mechanics are its delivery record: what the origin test actually requires, how much of the tariff schedule moved, which of the promised mutual-recognition agreements exist, and what the payments rail does and does not cover.
A good qualifies for CECA preference if it is wholly obtained in Singapore or India, OR if it satisfies BOTH a 35% value-content rule — '35% of its contents must originate from Singapore or India' — AND a tariff-shift rule requiring non-originating materials to undergo 'at least a change in the first 6 digits of the HS code'. Alternatively a good may satisfy the Product Specific Rules in Annex 3A.
35% RVC PLUS change of tariff sub-heading is a comparatively strict combined test — both limbs must be met, not either. The Enterprise Singapore-hosted CECA legal text confirms the architecture (Chapter 3 Rules of Origin, Annex 3A Product Specific Rules, Annex 3B Operational Certification Procedures, Annex 1 De Minimis and Outward Processing) but the substantive Chapter 3 text was not readable through the fetch tool — these thresholds are taken from Enterprise Singapore's summary page, not from the treaty text itself. See Not yet verified.
Source organisation: Enterprise Singapore (Statutory Board, Ministry of Trade and Industry, Singapore)
Enterprise Singapore states CECA 'eliminates tariffs on 81% of Singapore's exports to India'. Singapore's MTI states 'More than 3,000 tariffs have been zeroed under CECA, and another 2,000-plus tariffs reduced' in sectors including food, plastics, electronics, pharmaceuticals and machinery.
Both figures describe concessions granted BY INDIA to Singapore. India's tariffs are the binding constraint in this corridor; Singapore's applied MFN tariff is zero on almost all goods, so CECA's goods value flows predominantly one way. No official source states an equivalent coverage figure for Indian exports into Singapore.
Source organisation: Ministry of Trade and Industry, Singapore; the 81% figure from Enterprise Singapore (enterprisesg.gov.sg/grow-your-business/go-global/international-agreements/free-trade-agreements/find-an-fta/ceca)
India agreed to 'eliminate/reduce tariff on 539 products (at 8-digit HS code)' across three phase-down tracks (307 items over five equal cuts 2008-2011; 97 items over nine equal cuts 2008-2015; 135 items reduced to 5% over nine equal cuts 2008-2015). Coverage of the value of India's imports from Singapore rose from 'about 83%' to 'about 93%'.
The same release records early post-CECA trade: India's exports of 'US$ 5.4 billion and US$ 6.02 billion' in 2005-06 and 2006-07, against Singapore's exports of 'US$ 3.4 billion and US$ 5.5 billion'.
Source organisation: Government of India, Press Information Bureau, 20 December 2007
The Second Protocol's provisions 'expand the coverage of tariff concessions, liberalize the Rules of Origin, rationalize Product Specific Rules and include provisions on Certificate of Origin and Cooperation on its verification'. MTI quantifies the tariff element as 'an additional 30 products'.
Signed 24 August 2018, effective 14 September 2018. The Certificate of Origin verification cooperation is the anti-circumvention limb — relevant because Singapore's role as a transshipment hub creates origin-washing exposure that India has litigated in other ASEAN corridors.
Source organisation: Government of India, Press Information Bureau; the '+30 products' quantification from MTI's written parliamentary reply of 2 August 2021
Article 7.11 of CECA requires professional bodies in five service sectors — 'accounting and auditing, architecture, medical (doctors), dental and nursing' — to negotiate Mutual Recognition Agreements. Only ONE has been concluded: 'India and Singapore have one MRA under CECA in Nursing Services, negotiated, agreed and signed by the Singapore Nursing Board (SNB) and the Indian Nursing Council (INC).' MTI adds that the MRA 'does not give a graduate from these Indian nursing schools unfettered access to employment in Singapore' — holders must still meet Singapore's prevailing work pass criteria — and that 'any delay or failure by these professional bodies to reach and conclude agreement... shall not be regarded as a breach'.
This is the single most load-bearing mechanics item in the corridor: the services chapter's professional-mobility promise is legally unenforceable by design and four of five sectors remain undelivered. The reply is dated 2021 and no later official statement updating the MRA count was located.
Source organisation: Ministry of Trade and Industry, Singapore — written parliamentary reply, 26 July 2021
CECA provides 'preferential access for Singapore service providers and investors' in engineering, banking, telecommunications and real estate development (MTI), and market access for Singapore service providers in 'finance, engineering, tourism, logistics, construction, medical, research and development, and computer services' (Enterprise Singapore).
Both lists are framed from the Singapore-outbound side. No official statement of the reciprocal Indian-provider access schedule was located.
Source organisation: Enterprise Singapore; MTI CECA page (mti.gov.sg/trade-international-economic-relations/agreements/free-trade-agreements-fta/ceca/)
Real-time cross-border payments between India's Unified Payments Interface and Singapore's PayNow launched on 21 February 2023 in the presence of both Prime Ministers, built by the Reserve Bank of India and the Monetary Authority of Singapore. It enables customers 'to send and receive funds between bank accounts or e-wallets across the two countries in real-time', completing 'within a minute'. At launch the Indian side comprised State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank for both inbound and outbound, plus Axis Bank and DBS India for inbound only; the Singapore side was DBS Bank Singapore and Liquid Group (a non-bank financial institution). The Indian daily transaction limit is 'Rs 60,000 in a day (equivalent to around SGD 1,000)'. Use is restricted to person-to-person remittances for the 'Maintenance of Relatives Abroad' and 'Gift' purposes under the Liberalised Remittance Scheme.
MEA states 'Singapore is the first nation with which India has begun this cross-border Person-to-Person (P2P) payment facility'. The MAS release records DBS Singapore's own launch caps of SGD200 per transaction and SGD500 daily rising to SGD1,000 for all DBS customers by 31 March 2023. NOTE THE SCOPE LIMIT: this is a P2P remittance rail under LRS, not a merchant-payments rail, notwithstanding the 2025 Joint Statement's aspiration for 'cross-border merchant and personal payments'.
Source organisation: Reserve Bank of India — UPI-PayNow Linkage FAQ; corroborated by the Monetary Authority of Singapore media release of 21 February 2023 (mas.gov.sg/news/media-releases/2023/launch-of-real-time-payments-between-singapore-and-india) and PIB (rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=55260)
Singapore's Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong stated on 13 August 2025: 'UPI-PayNow collaboration has been ongoing for several years, and we have just expanded the coverage to an additional 13 banks in India.'
The 13 additional Indian banks are not named in the transcript, and no corresponding RBI, NPCI or MAS release naming them was located. The RBI FAQ still lists only the original six Indian participants.
Source organisation: Ministry of Trade and Industry, Singapore — transcript of DPM Gan Kim Yong's post-ISMR doorstop interview, New Delhi
MAS records three FinTech cooperation agreements with Indian counterparts: 22 October 2016 (information sharing and referral), 2 June 2018 (joint projects), and 18 September 2022 with the International Financial Services Centres Authority (information sharing, referral and joint projects). Separately, a Memorandum of Understanding between the Monetary Authority of Singapore and the Reserve Bank of India on Digital Asset Innovation was among the five MoUs exchanged during Prime Minister Lawrence Wong's visit to India in September 2025.
MAS's table does not name the Indian counterpart authority for the 2016 and 2018 agreements, only for the 2022 IFSCA one.
Source organisation: Monetary Authority of Singapore; the September 2025 MoU from Singapore's Ministry of Foreign Affairs (mfa.gov.sg/newsroom/press-statements-transcripts-and-photos/pm-wong-official-visit-to-india-04-sep-2025/)
DPIIT's country synopsis as on 31 December 2024 records cumulative FDI equity inflow from Singapore of USD 171.92 billion (INR 11,92,454.35 crore), 23.87% of India's total cumulative FDI, ranking Singapore 2nd among all investing countries. MEA's April 2026 brief updates the cumulative figure to 'USD 179.48 billion' for April 2000-June 2025, 'which is 24% of total FDI inflows in India'. MEA's September 2025 brief gives USD 174.88 billion for April 2000-March 2025 on the same 24% share.
FOUR DIFFERENT CUMULATIVE FIGURES EXIST BECAUSE FOUR DIFFERENT CUT-OFFS EXIST — USD 159.943bn to March 2024 (MEA Sep 2024), USD 163.85bn to July 2024 (PIB Aug 2025), USD 171.92bn to December 2024 (DPIIT), USD 174.88bn to March 2025 (MEA Sep 2025), USD 179.48bn to June 2025 (MEA Apr 2026). All are official. None supersedes another; each is tied to its stated cut-off. Do not treat the largest as 'the current figure' without carrying the cut-off with it. NOTE THE RANK CONFLICT: DPIIT's synopsis ranks Singapore 2nd cumulatively (behind Mauritius); MEA and MTI describe Singapore as India's LARGEST investor on an annual-flow basis. Both are true and measure different things.
Source organisation: Government of India, Department for Promotion of Industry and Internal Trade — Table No. 6.1.(A)(ii): FDI Synopsis on Country Singapore
MEA states FDI inflow from Singapore in FY2024-25 was 'USD 14.94 billion', the largest source; FY2023-24 was 'US$ 11.774 billion'. Top sectors attracting Singapore FDI equity inflows are 'Services Sector, Computer Software & Hardware, Trading, Telecommunications and Drugs & Pharmaceuticals'. DPIIT's synopsis quantifies the top five sectors for January 2000-December 2024: Services Sector 18.19% (USD 31,268.03 million), Computer Software and Hardware 16.74% (USD 28,780.64 million), Trading 13.32% (USD 22,908.76 million), Construction (Infrastructure) Activities 8.39% (USD 14,419.79 million), Telecommunications 5.23% (USD 8,990.80 million). Top recipient states October 2019-December 2024: Maharashtra 31.35%, Karnataka 26.52%, Delhi 13.64%.
Singapore's Minister of State for Trade and Industry Gan Siow Huang restated the position on 15 May 2026: 'Singapore has been India's largest investor for many years, accounting for nearly a quarter of India's cumulative foreign direct investment (FDI) inflows.' The FY2023-24 figure of USD 11.77 billion is corroborated by PIB's release of 25 August 2024. DPIIT's synopsis records the peak annual inflow in 2020 at INR 1,38,553.14 crore (USD 18,735.44 million).
Source organisation: Government of India, Ministry of External Affairs; sectoral and state percentages from DPIIT (dpiit.gov.in/static/uploads/2025/12/a647438de508b4749e2e0b9ac63a1acc.pdf)
Cumulative Indian outward FDI to Singapore from January 2008 to June 2024 stood at 'USD 90.578 billion'; FY2023-24 was 'USD 4.872 billion', FY2022-23 'USD 4.81 billion' and 2020-21 'USD 7.18 billion'.
This is the corridor's second, less-reported leg: Singapore is the largest single destination for Indian outbound investment, and a substantial share of 'Singapore FDI into India' is understood to be routed capital. NO OFFICIAL SOURCE quantifies the round-tripping share, and none is asserted here. The MEA briefs of September 2025 and April 2026 dropped the outward-FDI section entirely, so there is no figure newer than the June 2024 cut-off.
Source organisation: Government of India, Ministry of External Affairs — India-Singapore brief, September 2024
About 9,000 Indian companies are registered in Singapore and more than 440 Singapore companies are registered in India. Six skill development centre projects have been completed with two ongoing.
The 20:1 asymmetry in registered-company counts is consistent with Singapore's function as a holding and treasury jurisdiction for Indian corporates rather than a manufacturing counterparty.
Source organisation: Government of India, Ministry of External Affairs — India-Singapore Relations brief, September 2025
Per the Singapore Census of Population 2020, people of Indian origin constitute 9% of Singapore's 4.04 million resident population; Singapore also hosts 1.64 million foreigners, including Indian citizens. An earlier MEA brief recorded 'about 1 lakh Indian migrant workers in Singapore'.
The migrant-worker figure is from the September 2024 MEA brief (mea.gov.in/Portal/ForeignRelation/India-Singapore-Bilat-Sep-2024.pdf), which also gave 'around 3.5 lakhs' ethnic Indians in the resident population. No official India-Singapore remittance corridor value was located — see Not yet verified.
Source organisation: Government of India, Ministry of External Affairs
The corridor’s logistics track is a shipping-corridor memorandum plus terminal investment. The registry is explicit that no Indian port is named in either instrument establishing the corridor.
A Memorandum of Understanding on cooperation on a Green and Digital Shipping Corridor was exchanged on 4 September 2025 during Prime Minister Lawrence Wong's visit to India, witnessed by both Prime Ministers. The India-Singapore Joint Statement commits both sides to 'Support the establishment of an India-Singapore Green and Digital Shipping Corridor (GDSC) between the Port of Singapore and ports in India to deepen maritime connectivity.' The collaboration covers developing 'infrastructure and technologies that support the maritime sector's transition to zero or near-zero greenhouse gas emission fuels', 'digital information exchange and joint research into emerging green technologies and solutions'.
NO INDIAN PORT IS NAMED in the MPA release or in the Joint Statement — the commitment is to 'ports in India' generically. Do not infer specific port pairings from this.
Source organisation: Maritime and Port Authority of Singapore; Joint Statement text from PIB (pib.gov.in/PressReleasePage.aspx?PRID=2163890)
A Letter of Intent to cooperate on maritime digitalisation and decarbonisation was signed on 25 March 2025 by Mr Teo Eng Dih, Chief Executive of the Maritime and Port Authority of Singapore, and Mr R. Lakshmanan, Joint Secretary of India's Ministry of Ports, Shipping and Waterways, witnessed by Dr Amy Khor (Senior Minister of State, Singapore) and Mr Sarbananda Sonowal (Minister of Ports, Shipping and Waterways, India). It set out the intent to 'formalise the partnership through a memorandum of understanding on a Singapore-India Green and Digital Shipping Corridor (GDSC)'.
Again no Indian ports named. The March 2025 LoI to September 2025 MoU sequence is the clearest dated progression in the corridor's logistics track.
Source organisation: Maritime and Port Authority of Singapore
Singapore's Ministry of Foreign Affairs records 'SGD 1.7 billion (USD 1.3 billion) committed by PSA under a public-private partnership' for Phase 2 of PSA's Mumbai operations, described as 'the largest foreign direct investment from Singapore in India to date'.
This is the single largest concrete logistics commitment in the corridor and the only one carrying a dollar figure. The SGD and USD values are both stated in the source — the USD figure is not a conversion performed here.
Source organisation: Ministry of Foreign Affairs, Singapore — record of PM Lawrence Wong's official visit to India, 2-4 September 2025
At India Maritime Week 2025, 'PSA International signed an MoU with the Jawaharlal Nehru Port Authority (JNPA) for participation in the Vadhvan Mega Port Project'. India and Singapore also 'held a high-level bilateral meeting to review the Singapore-India Green and Digital Shipping Corridor (GDSC)', and India invited Singapore to join its '$1 Lakh Crores Maritime Investment Roadmap covering shipbuilding, port modernisation, and green-fuel collaboration'. Singapore's Senior Minister of State for Transport and Law, Mr Murali Pillai, attended.
No value is attached to the PSA-JNPA Vadhvan MoU in the release. The wider India Maritime Week 2025 investment headline of Rs 12 lakh crore is an all-country figure and is NOT attributable to Singapore.
Source organisation: Government of India, Press Information Bureau — India Maritime Week 2025, 30 October 2025
MPA's Annual Report 2024 records container throughput of '41.12 million twenty-foot equivalent units (TEUs)' in 2024, crossing 40 million TEUs for the first time, and states that Singapore 'remains the world's largest transshipment hub'. MPA's release of 13 January 2026 records 2025 at '44.66 million Twenty-Foot Equivalent Units (TEUs) of container throughput in 2025 — a 3.5%' increase, '3.22 billion gross tonnage (GT) of vessel arrivals' (up 8.6%) and marine fuel sales at '56.77 million tonnes, a 3.4% increase from 2024'. MPA describes the port as 'the focal point for some 200 shipping lines with links to more than 600 ports worldwide' with 'an annual average of 140,000 vessel calls'.
The 2024 figures and the 'world's largest transshipment hub' phrasing are from MPA's Annual Report 2024 (mpa.gov.sg/docs/mpalibraries/mpa-documents-files/comms-and-community/annual-report/mpa-ar24-full-book_fa.pdf); the 200-lines/600-ports/140,000-calls figures from MPA's global hub port page (mpa.gov.sg/maritime-singapore/what-maritime-singapore-offers/global-hub-port). MPA's Annual Report 2024 contains NO mention of India at all. NO OFFICIAL SOURCE quantifies how much Indian cargo transships through Singapore — see Not yet verified.
Source organisation: Maritime and Port Authority of Singapore
MPA's 13 January 2026 review of 2025 performance states that 'Singapore established two new Green and Digital Shipping Corridors (GDSCs) with India and the Republic of Korea respectively'.
This is the only 2026-dated official Singapore maritime statement naming India located in this pass. It confirms the GDSC as established, but adds no ports, volumes or milestones.
Source organisation: Maritime and Port Authority of Singapore
Signed by MPA Chief Executive Teo Eng Dih and MOPSW Joint Secretary R. Lakshmanan, witnessed by Singapore's Dr Amy Khor and India's Minister Sarbananda Sonowal. It set out the intent to formalise a Singapore-India Green and Digital Shipping Corridor through a subsequent MoU.
Source organisation: Maritime and Port Authority of Singapore
Six areas of collaboration were addressed: sustainability (green energy, ammonia, hydrogen, nuclear, and cross-border carbon credit trading under Paris Agreement Article 6), digitalisation (UPI-PayNow expansion 'to an additional 13 banks in India', digital trade, cross-border data transfer sandbox), skills development (MRO and semiconductor training centres, National Centre of Excellence), health and medicine (including nurse training 'to meet Singapore's nursing needs'), advanced manufacturing (semiconductor ecosystem) and connectivity (the GDSC MoU and aviation capacity). The MFA-MTI joint press statement notes the 60th anniversary of diplomatic relations and business discussions on digitalisation, industrial parks, skilling and infrastructure financing.
Source organisation: Ministry of Trade and Industry, Singapore — DPM Gan Kim Yong post-ISMR doorstop transcript; joint statement at mfa.gov.sg/Newsroom/Press-Statements-Transcripts-and-Photos/2025/08/MFA-MTI-Joint-Press-Statement-ISMR-ISBR-2025
Co-chaired by Special Secretary Rajesh Agrawal (Department of Commerce) and Permanent Secretary Dr Beh Swan Gin (MTI Singapore). Covered trade facilitation, priority sectors, logistics and supply chains, regulatory streamlining and cross-border trade, with semiconductors, trade digitalisation and skills named. The release states bilateral trade of USD 34.26 billion during 2024-25 and Singapore FDI into India of USD 163.85 billion (April 2000 to July 2024), roughly 24% of India's cumulative inflows, and marks 2025 as 60 years of diplomatic relations and 20 years of CECA. It does NOT report on the CECA Third Review.
Source organisation: Government of India, Press Information Bureau (Ministry of Commerce and Industry)
The Joint Statement commits both sides to 'Deepen bilateral trade and access to markets, including through building on the Comprehensive Economic Cooperation Agreement (CECA)' and to 'continue to engage in dialogue and make progress on initiation of the Third Review of CECA', alongside an AITIGA substantial review in 2025. It commits to 'Expand and maximise the potential of paperless and secure cross-border merchant and personal payments using the UPI-PayNow Linkage', to 'Support the establishment of an India-Singapore Green and Digital Shipping Corridor (GDSC) between the Port of Singapore and ports in India', and to 'Support the growth of India's semiconductor industry and ecosystem including through cooperation under the India-Singapore Semiconductor Policy Dialogue'. The five MoUs cover the Green and Digital Shipping Corridor; collaboration in the space sector; establishment of a National Centre of Excellence for Advanced Manufacturing (Chennai); MAS-RBI cooperation on Digital Asset Innovation; and civil aviation cooperation between CAAS and the Airports Authority of India. PSA's SGD 1.7 billion (USD 1.3 billion) Mumbai Phase 2 commitment is recorded as the largest ever Singapore FDI into India.
Source organisation: Government of India, Press Information Bureau — India-Singapore Joint Statement; independently corroborated by Singapore's Ministry of Foreign Affairs (mfa.gov.sg/newsroom/press-statements-transcripts-and-photos/pm-wong-official-visit-to-india-04-sep-2025/)
India and Singapore held a high-level bilateral meeting to review the GDSC. India invited Singapore into its Rs 1 lakh crore Maritime Investment Roadmap covering shipbuilding, port modernisation and green-fuel collaboration. Singapore's Senior Minister of State for Transport and Law Murali Pillai attended.
Source organisation: Government of India, Press Information Bureau
Container throughput of 44.66 million TEUs in 2025 (up 3.5%), vessel arrivals of 3.22 billion gross tonnage (up 8.6%) and marine fuel sales of 56.77 million tonnes (up 3.4%). The release states that 'Singapore established two new Green and Digital Shipping Corridors (GDSCs) with India and the Republic of Korea respectively'.
Source organisation: Maritime and Port Authority of Singapore
Records FY2024-25 bilateral trade of USD 34.3 billion (exports USD 12.98 billion, down 9.98%; imports USD 21.29 billion, up 0.43%; trade deficit USD 8.31 billion), Singapore as India's 6th largest trade partner at around 2.96% of India's overall trade, FDI inflow from Singapore of USD 14.94 billion in FY2024-25 as the largest source, and cumulative Singapore FDI of USD 179.48 billion (April 2000 to June 2025), 24% of India's total. MoUs in Green and Digital Shipping Corridor, Space and Civil Aviation are noted.
Source organisation: Government of India, Ministry of External Affairs
'Singapore has been India's largest investor for many years, accounting for nearly a quarter of India's cumulative foreign direct investment (FDI) inflows.' The speech names a S$10 million NTU-Odisha-IIT collaboration launched in December 2025, Singapore's S$800 million Decarbonisation Grand Challenge, and Sembcorp Industries' renewable portfolio of 'about 7.6GW' across 13 Indian states, and references the Singapore-India Green and Digital Shipping Corridor signed during PM Wong's September 2025 visit. It makes NO statement on the CECA Third Review.
Source organisation: Ministry of Trade and Industry, Singapore
'Export growth to Singapore, where exports expanded by 48.8%, driven by higher exports of petroleum products, electric machinery and equipment, and ships, boats, and floating structures'. Imports from Singapore grew 10.3% in the same quarter. This reverses the Q3 FY2025-26 picture (exports down 34.0%, imports up 25.8%) and the Q2 FY2025-26 picture (exports down 18% on 'lesser shipments of mineral fuels'). No full-year FY2025-26 level is published.
Source organisation: NITI Aayog (Government of India)
Singapore appears in the 'Top 5 export destinations, in terms of change in value, exhibiting positive growth in May 2026 vis a vis May 2025' at 68.96%, and at 123.75% for April-May 2026-27 versus April-May 2025-26. Percentage growth only; no absolute value for the corridor is published in the release.
Source organisation: Government of India, Ministry of Commerce and Industry (Department of Commerce)
Where an item below quotes a figure, the marker points to the source this page does carry on that subject — not to a source for the unverified figure itself, which by definition has none.
The registry records what could not be sourced as well as what could. These are open items, listed exactly as the registry states them — not gaps we have filled from memory or inference.
Numbered to match the markers in the text above. Every figure on this page traces to one of these; nothing is estimated, averaged or carried over from outside the registry.
Data verified 18 August 2026 · rendered from the corridor registry.
Developed by Amit Jain at allfrontierglobal.com
© 2026 All Frontier Global · Panchkula, Haryana, India
Developed by Amit Jain at allfrontierglobal.com · purposed.in · purposed · purposed2 · merchcomp.com · uuka.org
Compiled reference — verify current specifics at the source.
A question, a correction, or something you'd like covered. It goes straight to his inbox — no list, no newsletter.