ArmInfo.On September 26, the Armenian government approved the proposal to conclude a free trade agreement between the Eurasian Economic Union and its member states, on the one hand, and the Republic of Singapore, on the other.
According to the Minister of Economy of Armenia Tigran Khachatryan, 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.
The executive branch approved the proposal to conclude a framework agreement on integrated economic cooperation between the Eurasian Economic Union and its member states, on the one hand, and the Republic of Singapore, on the other. The document provides for an obligation on the parties to develop multilateral cooperation aimed at stimulating the trade in goods and services, expanding cooperation, capital investments, ensuring modern standards for protecting business activities.
The Cabinet of Ministers also approved the proposal on concluding an agreement on investments and trade in services between the RA and Singapore. According to the minister, 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 export to Singapore is completely exempted from customs duties.