"A study on comprehensive economic cooperation agreement has to be completed. The two parties have to discuss the details," Nathan told reporters, when asked about a free trade agreement between the two countries.

He said the study is expected to be completed in the first quarter or before the second quarter of this year after which bilateral talks on the issue would be held.

Nathan said the prospects of trade cooperation between India and Singapore were "great" and in a globalised environment, it required businessmen of both countries to assess and take advantage of them.

Earlier, he opened ‘Explorer', the latest building of Information Technology Park Ltd at Whitefield on the outskirts of Bangalore, in the presence of Ratan Tata of the Tata Group, who is also the chairman of ITPL.

Lee Yock Suan, minister in the prime minister's office in Singapore and second minister for foreign affairs; and Khaw Boon Wan, minister of state for transport, information and communications, accompanied Nathan.

The Bangalore Park is owned by ITPL, promoted by Tata Industries, the Karnataka government and a Singapore consortium led by Ascendas, and has an area of 1.6 million square feet, housing 100 companies.

Tata said the new building was another milestone in their endeavour to provide one-stop world class facilities to Bangalore for information technology investment.