The EEC and Singapore are studying prospects for an agreement on free trade zone
Within the framework of the Eurasian Week Forum & Expo, the Member of the Board - Minister in charge of Trade of the EEC Veronika Nikishina and the Minister of Trade and Industry of the Republic of Singapore Koh Poh Koon signed a statement about the beginning of work of the joint research group on the feasibility of an agreement on free trade zone between the Eurasian Economic Union and Singapore.
During the joint work, the experts will analyse peculiarities of foreign trade regulation of both parties, conditions for increasing the level of competitiveness of the products from the EAEU and Singapore in mutual markets, simulate the effects of free trade agreements on the economy of the EAEU Member States. After this, the parties plan to draw up proposals for the new level of trade and economic relations between Singapore and the Union countries to assess the feasibility of a free trade agreement.
"During this work, we will take into account the fact that Singapore is essentially a country of duty-free trade, and under a possible free trade agreement the EAEU countries will zero trade duties almost unilaterally,” said the Minister of Trade of the EEC Veronika Nikishina after the signing of the document. “Therefore the joint research group will examine opportunities for cooperation not only in the field of trade in goods, but also in other prospective areas.” In particular, in the sphere of investment cooperation and trade in services. This will allow developing solutions to achieve "balance" of benefits under the free trade agreement for both sides.”
Veronika Nikishina also noted that joint work will increase contacts between representatives of the Eurasian Economic Commission, authorized bodies of the EAEU and Singapore, which will have a positive impact on the development of the relationships between the parties. And in the case of mutual understanding on the format of the agreement and its subsequent conclusion, the relationships will be brought to a qualitatively new level.
The EEC Trade Minister added that Singapore, according to the WTO, occupies the 14th place in the world on exports and 15th on imports. In 2015, exports of Singapore goods amounted to 476.3 billion dollars, and imports to 407.8 billion dollars.
"Taking into account the data on imports and exports, the Republic of Singapore is of particular interest to the EAEU Member States as an economic and trade partner. Access to the Singapore market for the EAEU companies can bring large benefits for business development in the Asia-Pacific region," Veronika Nikishina concluded.
Press-release at the official Eurasian Economic Commission web-site