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EAEU finalizing negotiations on free trade zone with Singapore

Economy 16.09.2019 | 16:47

MOSCOW, 16 September (BelTA) - The Eurasian Economic Commission (EEC) is finalizing the negotiations to set up a free trade zone between the Eurasian Economic Union and Singapore, Veronika Nikishina, Member of the Board (Minister) for Trade of the EEC, said at a press conference in Moscow, BelTA learned.

The EEC minister explained that the free trade zone with Singapore will not only apply to goods but also to services and investment. “As a result, we will have a package of seven different agreements. We are set to sign the first of seven agreements - a goods agreement in Yerevan [at a meeting of the Supreme Eurasian Economic Council] on 1 October,” Veronika Nikishina said. In the future, the parties intend to sign a number of bilateral agreements in services and investment.

The main goal of the free trade zone between the EAEU and Singapore is to ease regulatory procedures and reduce duties in those commodity segments that are of interest to exporters from the EAEU countries, Veronika Nikishina added.

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