Singapore is among India's largest trade and investment partner in ASEAN and accounted for 22.13 % of our overall trade with ASEAN in 2014-15. It is the second largest investor in India with as share of 16% of total FDI received during April to December 2015. Our economic and commercial ties have expanded significantly in recent years, particularly after the conclusion of the Comprehensive Economic Cooperation Agreement (CECA) in 2005. In addition to that, conclusion of ASEAN-INDIA Free Trade Agreement (AIFTA) in Trades in Goods (TIG) in 2009 also help in boosting our economic and commercial ties with Singapore. Indian companies are increasingly using Singapore for raising funds, particularly for global operations. For public sector units opting for disinvestment through IPO/FPO, Singapore is an attractive destination for pre market discussion as well as road shows during IPO/FPO. Nine Indian banks operate in the country - Bank of India, Indian Overseas Bank, UCO Bank, Indian Bank, Axis Bank, State Bank of India, ICICI, EXIM Bank and Bank of Baroda. SBI and ICICI have been granted Qualifying Full Bank (QFB) status with retail operations.