In recent years, India and Singapore have solidified their strategic partnership, leveraging their shared values and economic synergies to foster cooperation across multiple sectors. The meetings between Indian Prime Minister Narendra Modi and Singaporean Prime Minister Lawrence Wong, particularly those held in September 2024 and September 2025, have marked significant milestones in elevating bilateral relations to a Comprehensive Strategic Partnership (CSP). These engagements have resulted in a robust roadmap for collaboration, with agreements signed to enhance trade, innovation, and connectivity. This article outlines the major outcomes of these meetings, details the agreements signed, and provides an overview of bilateral trade trends over the past three years, including key products traded.

Major Outcomes of the Prime Ministerial Meetings

The meetings between Prime Ministers Modi and Wong, held in Singapore (September 2024) and New Delhi (September 2025), have reinforced the commitment to deepen ties in a rapidly changing global landscape. Marking the 60th anniversary of diplomatic relations in 2025, both leaders unveiled a forward-looking roadmap for the CSP, focusing on eight key pillars: Economic Cooperation, Skills Development, Digitalization, Sustainability, Connectivity, Healthcare and Medicine, People-to-People and Cultural Exchanges, and Defence and Security Cooperation. These pillars aim to address contemporary challenges and seize opportunities in emerging sectors.

Key Outcomes

Elevation to Comprehensive Strategic Partnership: During PM Modi’s visit to Singapore in September 2024, both nations agreed to elevate their bilateral relationship to a CSP, signaling a deeper commitment to collaboration across political, economic, and strategic domains. This was reaffirmed in 2025, with a roadmap to guide future cooperation.

Institutionalization of the Ministerial Roundtable: The leaders agreed to institutionalize the India-Singapore Ministerial Roundtable as a mechanism to annually monitor progress under the CSP, ensuring sustained momentum in bilateral initiatives.

Focus on Emerging Sectors: The roadmap prioritizes advanced manufacturing, semiconductors, green shipping, civil nuclear energy, and digital technologies, reflecting a shift toward future-oriented industries.

Maritime and Regional Security: Singapore acknowledged India’s interest in patrolling the Malacca Strait, a critical global trade route, fostering cooperation in maritime security and submarine rescue in the Indo-Pacific region.

Infrastructure Development: The virtual inauguration of the PSA Mumbai-Bharat Mumbai Container Terminal (Phase II) at Jawaharlal Nehru Port in Mumbai, with over USD 1 billion invested by Singapore’s PSA International, underscores enhanced connectivity and trade infrastructure.

Agreements Signed and Sectoral Benefits

During the September 2025 meeting in New Delhi, five Memoranda of Understanding (MoUs) were signed, targeting specific sectors to boost bilateral trade and innovation. These agreements build on the Comprehensive Economic Cooperation Agreement (CECA), signed in 2005, which has been instrumental in expanding trade and investment.

Green and Digital Shipping Corridor:

Objective: Establish a Green and Digital Shipping Corridor (GDSC) to promote low-emission fuels and digital technologies in maritime transport.

Benefits: This MoU supports sustainability goals by facilitating collaboration on green shipping infrastructure and technologies. It enhances Singapore’s role as a global maritime hub and India’s ambition to develop eco-friendly port operations, boosting trade efficiency.

Industries Impacted: Maritime transport, renewable energy, and logistics.

Digital Asset Innovation:

Objective: Strengthen cross-border data flows and capital market linkages through collaboration between the central banks of India and Singapore.

Benefits: This agreement fosters innovation in financial infrastructure, particularly in digital payments and fintech, positioning both nations as leaders in next-generation financial services.

Industries Impacted: Fintech, banking, and digital economy.

Civil Aviation (Training and R&D):

Objective: Enhance cooperation in maintenance, repair, and overhaul (MRO) services, leveraging Singapore’s expertise and India’s land availability.

Benefits: Singapore’s advanced MRO capabilities combined with India’s growing aviation market will create opportunities for job creation and technological advancements, strengthening bilateral aviation trade.

Industries Impacted: Aviation, aerospace, and skill development.

Skills Development in Advanced Manufacturing:

Objective: Establish a National Centre of Excellence for skilling in advanced manufacturing in Chennai, focusing on semiconductors, electronics, and aviation.

Benefits: This MoU addresses skill gaps in high-growth sectors, enabling India to bolster its semiconductor and electronics industries while providing Singaporean companies access to a skilled workforce.

Industries Impacted: Semiconductors, electronics, and manufacturing.

Space Sector Collaboration:

Objective: Deepen cooperation in satellite communication and space industries, building on India’s launch of over 20 Singapore-made satellites.

Benefits: This agreement strengthens India’s position as a space technology provider and Singapore’s role as an innovator in satellite development, fostering trade in high-tech industries.

Industries Impacted: Space technology, satellite communications, and research.

These agreements align with the CSP’s focus on deepening trade and market access through the CECA, with both leaders committing to a time-bound review to address trade priorities.

Bilateral Trade Overview (2022–2024)

Bilateral trade between India and Singapore has grown significantly since the CECA’s implementation, rising from USD 20 billion in 2005 to USD 52.2 billion in 2023. Singapore is India’s largest foreign investor, contributing approximately USD 160 billion in investments, accounting for nearly a quarter of India’s foreign direct investment inflows.

Trade Figures (2022–2024)

The following data, based on available trade statistics, outlines India’s exports to and imports from Singapore over the past three years:

2022:

Exports from India to Singapore: USD 12.5 billion

Imports from Singapore to India: USD 23.1 billion

Total Trade: USD 35.6 billion

Trade Balance: Deficit for India (USD -10.6 billion)

2023:

Exports from India to Singapore: USD 14.8 billion

Imports from Singapore to India: USD 37.4 billion

Total Trade: USD 52.2 billion

Trade Balance: Deficit for India (USD -22.6 billion)

2024 (Estimated):

Exports from India to Singapore: USD 16.2 billion (projected based on growth trends)

Imports from Singapore to India: USD 40.1 billion (projected)

Total Trade: USD 56.3 billion (projected)

Trade Balance: Deficit for India (USD -23.9 billion)

Note: 2024 figures are projections based on trade growth trends reported in 2023 and early 2024 data. Exact figures for 2024 may vary as official statistics are released.

Major Products Traded

India’s Exports to Singapore:

Petroleum Products: Refined petroleum oils and lubricants form a significant portion of India’s exports, driven by its robust refining capacity.

Chemicals and Pharmaceuticals: Organic chemicals, active pharmaceutical ingredients, and medicines are key exports, leveraging India’s generic drug manufacturing strength.

Machinery and Electronics: Electrical equipment, machinery, and components for advanced manufacturing.

Gems and Jewelry: Polished diamonds and gold jewelry, reflecting India’s expertise in this sector.

India’s Imports from Singapore:

Electronics and Semiconductors: Integrated circuits, computer hardware, and semiconductor components, reflecting Singapore’s technological edge.

Petroleum and Chemical Products: Refined petroleum, polymers, and chemical intermediates.

Machinery and Equipment: Precision machinery and industrial equipment for manufacturing.

Professional Services: Financial, legal, and consultancy services, given Singapore’s role as a global financial hub.

Future Prospects and Strategic Importance

The agreements and outcomes from the 2024 and 2025 meetings position India and Singapore to navigate global trade disruptions, such as tariff challenges, by fostering resilience and innovation. The focus on semiconductors, green shipping, and digital technologies aligns with global trends toward sustainability and digitalization. Singapore’s role as a gateway to ASEAN markets and India’s growing economic influence in the Indo-Pacific create a complementary partnership that enhances supply chain linkages and regional stability.

The institutionalization of the Ministerial Roundtable ensures regular oversight, while the CSP roadmap provides a clear framework for collaboration. The emphasis on skilling and advanced manufacturing will create opportunities for Indian youth, while Singaporean companies benefit from India’s vast market and workforce. The virtual inauguration of the PSA Mumbai Terminal strengthens India’s port infrastructure, facilitating faster trade and reducing logistics costs.

Conclusion

The meetings between Prime Ministers Modi and Wong have laid a strong foundation for a future-oriented partnership between India and Singapore. The five MoUs signed in 2025, covering green shipping, digital finance, aviation, skills development, and space, promise to drive growth in high-potential sectors. With bilateral trade reaching USD 52.2 billion in 2023 and projected to grow further, both nations are well-positioned to leverage their complementary strengths. By focusing on innovation, sustainability, and connectivity, India and Singapore are not only enhancing their economic ties but also contributing to regional stability and global progress in an era of uncertainty.