YEREVAN, 1 October (BelTA) – The Eurasian Economic Union (EAEU) and Singapore signed the agreement to establish a free trade area following the session of the Supreme Eurasian Economic Council on 1 October, BelTA has learned.
Singapore Prime Minister Lee Hsien Loong stressed that signing a free trade agreement between the EAEU and Singapore is the outcome of two-year-long negotiations which have led to a mutually beneficial solution. “The Eurasian market is a large market at the crossroads of Europe and Asia. It has a great potential for economic growth especially in logistics and the digital sphere. Singapore is interested in these areas and is eager to cooperate in them,” Lee Hsien Loong said.
The free trade agreement gives advantages not only in trade. “We believe that the agreement will facilitate development of industries in the EAEU member states, investment, and establishment of contacts between people and businessmen. I am sure that the agreement will bring our regions closer together,” Lee Hsien Loong added.
During the session of the Supreme Eurasian Economic Council, Belarus President Aleksandr Lukashenko welcomed the development of cooperation between the EAEU and third countries, including the free trade agreement with Singapore.
