As agreed during the visit of Prime Minister to Singapore in April 2002, a Joint Study Group(JSG) for establishing a Comprehensive Economic Cooperation Agreement (CECA) between the two countries was set up on 8th April 2002. The JSG submitted its report to the two Prime Ministers on 8th April 2003. The JSG recommended the early launching of negotiations for a CECA to be structured as an integrated package of agreement between India and Singapore including :-

a) A Free Trade Agreement, which would include, inter-alia, trade in goods and services and investment.
b) A bilateral agreement on investment promotion, protection and cooperation;
c) An improved Double Taxation Avoidance Agreement
d) A more liberal Air Services Agreement and Open Skies for Charter Flights; and
e) A work programme of cooperation in a number of areas including health care, education, media, tourism and the creation.

As per 'Declaration of Intent' signed between the two countries on 8th April 2003, negotiations on CECA were launched in New Delhi on 27-28 May 2003. Commerce Secretary headed the team of Indian negotiators while Permanent Secretary, Ministry of Trade & Industry, Singapore is the Chief Negotiator for Singapore. The 10th round of negotiations was held in New Delhi from 18-20th October, 2004. The negotiations on CECA were targeted to be concluded by mid of November, 2004 for early signing of the Agreement between the two countries. Rules of Origin is the main area of difference.

Agreement not signed but expected by this month now when the Singapore Prime Minister visits India.