EEC and Singapore consider free trade zone agreement

During the joint work the experts are to analyze the peculiarities of the foreign trade regulation of both parties, the conditions for increasing of competitiveness of EEC and Singapore products in both markets, and to model the potential effects which the sign free trade agreement may have on the economy of EEU member countries. Based on the findings the parties are to develop recommendations on bringing the system of trade and economic relations between Singapore and the Union countries to a new level, and to estimate feasibility of signing the free trade agreement and its specific content.

"When conducting this work we will consider the fact that Singapore is the country of duty-free trade, and within the possible free trade agreement zeroing of duties will be implemented by EEU states in unilateral way", - Minister of Trade of EEC V. Nikishina said.

 She noted that the joint research group will study opportunities for cooperation not only in the sphere of trade, but also in other perspective spheres, such as investments and trade in services. This will allow to develop solutions for achievement of the balance of benefits from the free-trade agreement for both parties.