17 Dec 2020


When Singapore visited Ceca, it was because it could not wait for the WTO to end its work to gain access to the promising Indian market. The nearly 740-sided document, which was painstakingly negotiated for two years, was agreed after infuriated negotiations on the finer details of a financial services and double taxation agreement, which allowed Singapore-registered companies to achieve zero capital gains in India. Until the end, parts of the Indian industry and some political parties were skeptical of their benefits. Cuts to World Sentosa resorts last week – and reports that Marina Bay Sands would likely follow – added even more rebuke to the mill, to the significant presence of foreign workers, especially THE SMETs (professionals, managers, managers and technicians) who are likely to compete with the premises for jobs. ST PHOTO: GAVIN FOO Of course, all free trade agreements, including ceca, are always a balance of interests and are subject to regular review. But the renegotiation cannot be cost-free, and who knows that mutual action can even have a negative impact on the 40% of the labour market that are not in the SMET pool, but who benefit from the good that the free trade agreement brings. Over the past two decades, the free trade agreements we have signed have covered economies that account for more than 85% of global GDP and account for more than 90% of its trade. The Ministry of Trade and Industry estimates that in 2018, free trade agreements have helped Singaporean companies benefit from tariff concessions of approximately $1.2 billion for sales to overseas markets and have expanded market access opportunities for their service sector in a number of sectors, such as financial services, educational services. , health, logistics and transportation services to create good jobs for Singaporeans. They also offer a cushion against the vagaries of geopolitics, which increasingly affect trade, including Singapore`s food security.

While the Ministry of Trade and Industry (MTI) issued a statement indicating that Singaporeans are “understandable” with competition from skilled workers, managers and foreign executives (SMEs) due to the current sluggish economic and employment situation. However, it is “misleading” to say that the number of Indian SMEs, particularly intragroup takers, is exclusively or largely transferred to the ECSC. MTI also rejected the fact that “none of our free trade agreements, including Ceca, require us to automatically provide employment passports to every foreigner.” In addition, “all foreigners applying for a work card must meet our predominant criteria and all companies must respect fair hiring rules.” Despite the government`s clarification on this issue, citizens in the network remain skeptical of the Singapore-India free trade agreement. [13] CWF requires companies to apply for professional, management and management positions for at least 14 days before companies can apply to the Ministry of Labour for a DDP for a foreigner.

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