BANKING AFFAIRS

Detailed explanation-1: -The correct answer is Singapore. India and Singapore signed the Second Protocol amending the Comprehensive Economic Cooperation Agreement (CECA) in New Delhi.

Detailed explanation-2: -The CECA has become operational with effect from 1-8-2005. It was the first comprehensive trade agreement India signed with any trade partner. It was also Singapore’s first comprehensive economic pact with a South Asian country. Prime Minister of Singapore, Mr. Lee Hsein Loong is received by Prime Minister Dr.

Detailed explanation-3: -Of these 8 countries, three countries, viz. India, Malaysia and Cuba have ratified it.

Detailed explanation-4: -Singapore is India’s largest trade partner in ASEAN. It is the leading source of FDI, among the largest sources of External Commercial Borrowings and Foreign Portfolio Investment. Bilateral trade expanded after the conclusion of CECA from USD 6.7 billion in FY 2004-05 to USD 30.11 billion in 2021-22.

Detailed explanation-5: -CECA was primarily signed for unhindered access and collaboration between financial institutions, eliminating tariff barriers and such at their end. In return, they have heavily invested in Indian airports, ports and Special Economic Zones as well as IT Parks.