The aim of the Agreement on Free Trade on One Hand between the Eurasian Economic Union and Its Member States and on the Other Hand the Republic of Singapore is to create beneficial conditions for development of mutual trade relations and boosting economic cooperation. The issue of the abovementioned Agreement ratification was debated at February 10 NA sitting.
The RA Minister of Economy Vahan Kerobyan recorded on the sides’ tariff obligations that the name list fixed by the EAEU obligations contain 12.229 goods. After the Agreement immediately entering into force use of 0 percent customs duty is designed om 4858 kinds of goods out of them. after three years up to 0 percent decrease of the customs duty rate is designed on 597 kinds of goods, after five years –on 2340 kinds of goods, after 7 seven years – on 2201 kinds of goods and after 10 years – on 716 kinds of goods. Deductions are also designed on 1517 kinds of goods.
According to the Minister, taking into consideration the trade-economic features of Singapore, the negotiations were held on the implementation of the goods trade, as well as the services and investments. Singapore is obliged by the Agreement not apply import customs duties towards all goods EAEU by their origin.
The Agreement was signed on October 1, 2019.
Regarding the economic growth rates, Vahan Kerobyan noted that in 2022, essential growth was registered in the RA foreign trade turnover, the foreign trade turnover increased by about 70%. More than 1 billion USD circulation was registered with 3 countries: more than 5 billion with the RF, the next are China and the United Arab Emirates (UAE).
During the Q&A session, and speeches a reference was made to the tendencies of the foreign trade increase, the kinds of goods of local production in the export block, the reproduction, the economic importance of the Agreement, the economic interest between Armenia and Singapore and other problems.
Vahan Kerobyan clarified that necessary analysis will be made, in order the local companies will be informed on which kinds of goods Armenia can be competitive on exports to Singapore. As important directions of bilateral cooperation, the Minister observed as priority the technological cooperation and the engagement of investments.
Aleksey Sandikov informed about the endorsement of the Standing Committee on Regional and Eurasian Integration.
