India-Singapore Ministerial Roundtable (ISMR)

The second round of ministerial roundtable between India and Singapore is set to begin in Singapore soon.

About Second India-Singapore Ministerial Roundtable (ISMR)

ISMR is a mechanism established to set a new agenda for India-Singapore bilateral relations. 

• Beginning: Its inaugural meeting was held in New Delhi in September 2022 involving key ministers from both sides.
• Focus On: Review various aspects of their Strategic Partnership and identify new avenues to further elevate and broaden it
• Objectives: To review the progress in bilateral collaboration since the first ISMR
  • Explore new areas of collaboration particularly in sustainability, digitalisation, skills development, healthcare and medicine, advanced manufacturing and connectivity.

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About India-Singapore Relations

The close ties between India and Singapore have a history rooted in strong commercial, cultural and people-to-people links across a millennium. 

• Modern Relationship: It is attributed to Sir Stamford Raffles who, in 1819, established a trading station in Singapore on the route of the Straits of Malacca which later became a crown colony and governed from Kolkata till 1867. 
  • India was one of the first countries to recognize Singapore in 1965.
• Reflection of the Colonial Connection: In institutions and practices, usage of English and presence of a large Indian community. 
• Basis of India-Singapore Relations: On shared values and approaches, economic opportunities and convergence of interests on key issues. 
• • There are more than 20 regular bilateral mechanisms, dialogues and exercises. 
  • Both are members of a number of forums, including East Asia Summit, G20, Commonwealth, IORA (Indian Ocean Rim Association) and IONS (Indian Ocean Naval Symposium).
• Key Agreements:
  • The Comprehensive Economic Cooperation Agreement (2005) and its Second Review (2018)
  • Double Taxation Avoidance Agreement (1994, Protocols signed in 2011)
  • Bilateral Air Services Agreement (1968, revised in 2013)
  • Defence Cooperation Agreement (2003, enhanced Agreement signed in 2015)0
  • Mutual Recognition Agreement on Nursing (2018) and cooperation in Fintech (2018)
  • Agreement for Conduct of Joint Army Training and Exercises (renewed in 2019)
• Military Exercises:
  • Navy: SIMBEX
  • Air Force: SINDEX
  • Army: Bold Kurukshetra
• Significance of Singapore for India:
  • In the year 2023-24, Singapore was the largest source of foreign direct investment (FDI) for India, with an estimated $11.77 billion in inflows. 
  • In bilateral trade, Singapore was the sixth largest global trade partner of India in 2023-24 with a total trade of $35.61 billion. 
  • Combined with a good enabling environment, strong air connectivity and the presence of a large Indian community, Singapore has emerged as a key offshore logistic and financial hub for many Indian corporate/houses. 
    • There are estimated to be about 4000 registered “Indian” companies in Singapore.

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