Tuesday, October 1 2019 19:00

ArmInfo. "Singapore adheres to multilateralism in trade and economic relations," Singapore Prime Minister Lee Hsien Loong  said at the opening of the SEEC enlarged  format meeting. According to him, this policy is determined by the  desire to diversify trade and trade markets and develop economic  cooperation with new partners. In this context, he noted the  importance of signing agreements with the EAEU, calling it an  important step forward.

"The agreement with the Eurasian Union is an important milestone in  our international cooperation. The EAEU countries are located at the  crossroads of important trade routes, transport and energy corridors.  And I think the facilitated access to the single market of the  Eurasian Union will not only help expand trade, but also strengthen  human relations. Residents of our countries get to know each other  better, and this will bring our relations to a new level, "said the  Prime Minister of Singapore. He recalled that, in addition to the  agreement within the EAEU, Singapore will also sign a bilateral  agreement with Armenia on services, trade and investment. The new  document will facilitate the cooperation of business between the two  countries and will help both existing projects (mainly in high-tech),  and new initiatives.

Earlier it was reported that today will be signed the Free Trade  Agreement between the EurAsEC and Singapore. The purpose of the  agreement is to create mutually beneficial conditions for the parties  to develop trade relations and stimulate areas that substitute mutual  interest. The document is also aimed at eliminating obstacles to  trade and investment, reducing business costs and increasing economic  efficiency. 

The agreement contains sections related to trade in goods, means of  protection of trade, rules for establishing the origin of goods,  technical barriers to trade, sanitary and phytosanitary measures,  intellectual property, public procurement, competition, the  environment, cooperation in customs and trade facilitation.

To recall, the signing of a bilateral agreement on services,  investments and trade between Armenia and Singapore is also expected.  As Armenian Minister of Economy Tigran Khachatryan stated earlier,  the document, in addition to the EAEU-Singapore free trade agreement,  which liberalizes trade, also liberalizes the procedures for  investment and trade in services. According to the head of the  Ministry of Economy, by agreement the Armenian goods will be exported  to Singapore at a zero customs rate.