Review of India-Singapore Comprehensive Economic Cooperation Agreement Given DBS' Merger with India's Lakshmi Vilas Bank

32 Mr Leong Mun Wai asked the Minister for Trade and Industry whether the Ministry intends to negotiate for better terms in the ongoing review of the India-Singapore Comprehensive Economic Cooperation Agreement (CECA) in light of the DBS group's merger with Lakshmi Vilas Bank.

Mr Chan Chun Sing: The Third Review of the India-Singapore Comprehensive Economic Cooperation Agreement (CECA) has been ongoing since September 2018. We regularly review our Free Trade Agreements (FTAs) in tandem with changing economic patterns and flows between Singapore and our trade partners. These reviews are not linked to specific commercial transactions.

The amalgamation of Lakshmi Vilas Bank in November 2020 with DBS Bank India Limited is the result of a commercial decision by DBS.