MINSK, 12 May (BelTA) – The Standing Commission on Budget and Finance of the House of Representatives of Belarus National Assembly is finalizing a draft law on ratification of the EAEU-Singapore free trade agreement. The parliament will consider it during the spring session, BelTA learned from Deputy Head of the commission Vitaly Vasyukov.
The agreement is aimed at advancing trade and economic cooperation between the EAEU and Singapore and establishing a free trade regime between Singapore and all the EAEU member states. “The agreement is important for Belarus as it gives the country access to one of the global financial centers and enables it to attract more foreign investments,” Vitaly Vasyukov noted.
The Eurasian Economic Commission drew up the agreement to liberalize trade in goods. The document was the outcome of the negotiations initiated by the decision of the Supreme Eurasian Economic Council.
BelTA reported earlier that the free trade agreement was signed in Yerevan on 1 October 2019, following the session of the Supreme Eurasian Economic Council. Singapore Prime Minister Lee Hsien Loong stressed that the agreement will facilitate development of industries, investment, and establishment of contacts between people and businessmen. He expressed confidence that the agreement will bring the two regions closer together and give them advantages not only in trade.
