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India and Singapore have taken a significant step in strengthening their bilateral ties, with a focus on key areas like healthcare, semiconductors, and aviation. The second India-Singapore Ministerial Roundtable (ISMR), hosted by Singapore, saw the two countries expanding their collaboration beyond traditional areas.
The ISMR, now featuring a larger number of ministers from both sides, reflects the growing importance and scope of bilateral cooperation. The two nations finalized several agreements in areas such as food trade, digital cooperation, skill development, healthcare, and green economy. These agreements are expected to be unveiled during Prime Minister Narendra Modi's visit to Singapore next month.
Advanced manufacturing, semiconductors, and aviation and maritime connectivity have been identified as new areas for collaboration under the ISMR. These areas hold significant potential for both countries, offering opportunities for businesses and economic growth. Singapore's Foreign Minister Vivian Balakrishnan highlighted the burgeoning aviation sector in India, with Indian airlines placing large orders for new aircraft, presenting a unique opportunity for cooperation.
The ISMR builds upon the first roundtable held in September 2022, which identified areas like digitalization, food trade, energy and green economy, skill development, healthcare, and pharmaceuticals for collaboration. Since then, India and Singapore have interconnected their digital payment systems – Unified Payments Interface (UPI) and PayNow – to facilitate real-time payments. They also conducted a pilot shipment involving digital exchange of bills of lading through the TradeTrust framework.
The two sides are exploring further potential in digital payments, including the possibility of a regional real-time payment system. Discussions on cyber-security, standardization of rules, and greater inter-operability aim to expand this system to other countries. The Indian ministers met with Singapore's President Tharman Shanmugaratnam and Prime Minister Lawrence Wong, reiterating the strong foundation of India-Singapore relations.
The ISMR provides a platform for strengthening bilateral cooperation and exploring new avenues for collaboration. The two countries are also working towards commemorating the 60th anniversary of their diplomatic relations and collaborating on regional and global initiatives, including at ASEAN and G20. This renewed focus on expanding bilateral cooperation between India and Singapore signifies a shared commitment to fostering economic growth, technological advancement, and mutual benefit for both nations.
Source: India, Singapore review bilateral ties; focus on healthcare, semiconductors