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EAEU-Singapore Free Trade Agreement signed in Yerevan

1 October 2019 19:49

YEREVAN. KAZINFORM On the margins of the meeting of the Supreme Eurasian Economic Council in Yerevan, prime ministers of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Singapore signed a Free Trade Agreement and a Framework Agreement on Comprehensive Economic Cooperation between the EAEU Member States and Singapore, Kazinform correspondent reports.

The Free Trade Agreement with Singapore provides for duty-free trade in almost all the types of goods except for the list of sensitive items from the EAEU member states. The document will also regulate the existing trade ties and will expand the opportunities for cooperation. Singapore abolishes all the customs duties since the Agreement’s entry into force while the EAEU states will consistently carry out liberalization.

As Kazakhstan’s Minister of Trade and Integration Bakhyt Sultanov explained, the signing of the FTA and the Framework Agreement on Comprehensive Economic Cooperation between the EAEU Member States and Singapore will let boost trade and economic cooperation between the EAEU and Singapore. The documents are expected to lay a long-term basis for a favorable trade regime for Kazakhstani goods.

«Singapore is a key partner of Kazakhstan in South-East Asia. The agreements signed today will let diversify the structure of our exports and will serve as an additional stimulus to ramp-up manufacture of export-oriented products,» Minister Sultanov noted.

The Agreement aims at provision of legal assistance in regards to observance of international standards on application of domestic market support measures, licensing procedures, prohibitions and quantitative restrictions, conducting transactions and payments for the delivery of goods. The document will also promote cooperation in customs administration, intellectual property, competition, e-commerce and public procurements.