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Singapore Dy PM to visit India on Friday for talks on DTAA

by December 28, 2016 General

Singapore’s Deputy Prime Minister Tharman Shanmugaratnam will hold talks with Minister in on December 30 to modify the bilateral Double Taxation Avoidance Agreement (DTAA) to take bilateral economic ties to the next level.

“The two leaders aim to conclude the protocol to amend DTAA, which will modify the capital gains exemption,” Indian High Commissioner Jawed Ashraf said today.

As in the case of India’s DTAA with Mauritius, to which the DTAA with was linked, the Capital Gains exemption provision in the DTAA will be phased out within a defined time frame, he said.

The meeting is pursuant to discussions between Prime Minister Modi and Prime Minister Lee Hsien Loong in during the leader’s visit in October.

Modi had suggested that a working group chaired by senior Ministers be designated from both sides to explore ways to further strengthen the strong economic ties and accelerate investment flows between and Singapore.

“This underlines the importance that attaches to the growing and wide ranging strategic partnership with and the key place that occupies in India’s external economic engagement and the Act East Policy,” Jawed Ashraf said.

is already the second largest source of Foreign Direct Investment (FDI) in with cumulative FDI inflow amounting to USD 50.6 billion from April 2000 to September 2016.

was the largest source of FDI into with USD 13.7 billion in 2015-16.

is among the top destinations for Indian investors as well who have put in more than USD 45 billion worth of investment in the country.

While the framework agreements between the two countries, such as the Comprehensive Economic Partnership Agreement and the DTAA, have contributed to the emergence of as the major source and destination of investments for India, it is also the result of the business environment in and its role as a major financial, logistics and business centre in the region, the High Commissioner said.

During his two day visit, Tharman, who is also Coordinating Minister for Social and Economic Policies, and Jaitley will also explore new and innovative ways to promote bilateral investment flows.

“The meeting between the two ministers, on December 30 will be a step towards taking bilateral economic ties to the next level,” said the High Commissioner.

This will be Tharman’s third visit to this year.

He delivered the inaugural NITI Lecture Series on Transforming in August and visited the country in April.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)