New Delhi [India], September 5 (ANI): The Ministry of External Affairs (MEA) said that India and Singapore held discussions on the need to diversify trade and investment relationships to build stronger and more resilient supply chains.
The remarks by P Kumaran, Secretary (East), on Thursday came during the special briefing on the visit of Singaporean Prime Minister Lawrence Wong to India, where media queries were raised on whether the Trump tariffs are a concern for India and Singapore.
P Kumaran said that while discussions did not take place on the ‘Trump tariffs’, the two countries, however, discovered the need to diversify trade and investment relationships, along with exploring free trade agreements.
“On Trump tariffs, there was no discussion, except for the broad global uncertainty and the need for all of us to try and diversify our trade relationships, our investment relationships, and to explore as many Preferential Trade Agreements or Free Trade Agreements as possible, to try and diversify our supply chains and make them more resilient. So broadly, that was the kind of discussion that was held on this issue”, Kumaran told the media.
President Donald Trump on Wednesday warned that the United States has not yet rolled out “Phase-2” and “Phase-3” tariffs against countries continuing trade ties with Russia. He called secondary sanctions on India a direct action against Russia, as “that costs hundreds of billions of dollars to Russia”.
The US president recalled his earlier warning that India would face “big problems” if it continued Russian oil purchases. He also repeated his belief that tariffs were essential in rebalancing trade.
“China kills us with tariffs, India kills us with tariffs, Brazil kills us with tariffs. I’ve understood tariffs better than any human beings in the world,” he said.
During the special briefing, on the front of cooperation between India and Singapore, the MEA informed that India and Singapore have agreed to form teams and take the discussion on civil nuclear cooperation forward.
Earlier during the joint press statement with Singapore’s PM Wong, PM Modi said on Thursday that India and Singapore have charted a detailed roadmap for the future of the partnership. He emphasised that this would not remain confined to traditional areas but would cater to the needs of changing times.
At the invitation of PM Modi, his Singaporean counterpart Lawrence Wong was on an official visit to India from September 2-4. It is Wong’s first visit to India in his capacity as Singapore’s Prime Minister.
Wong’s visit to India marked the 60th anniversary of diplomatic relations between the two countries. Wong also held wide-ranging and fruitful talks with Prime Minister Narendra Modi at Hyderabad House on Thursday.
He was accompanied by his spouse, Lawrence Wong, and a high-level delegation including Cabinet Ministers and Senior Officials. (ANI)
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