Eurasian Economic Union to form free trade zone with Singapore

PanARMENIAN.Net - Moscow and Singapore will create a free trade zone, Russia’s First Deputy Prime Minister told reporters on Tuesday, November 17, EEC website reports.

"We have already agreed to begin consultations on the formation of a free trade zone between Russia and Singapore,” Igor Shuvalov said. “Concerning the EEU, Singapore will immediately send an appeal to the Eurasian Economic Commission, requesting the start of consultations and the early conclusion of the agreement.”

"We have a fairly good [agreement] with Vietnam. This being our pilot agreement, we sure can reach accord more quickly with Singapore," Shuvalov said.

The Eurasian Economic Union is an economic union of states located primarily in northern Eurasia. A treaty aiming for the establishment of the EEU was signed on May 29, 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on January 1, 2015. Treaties aiming for Armenia and Kyrgyzstan's accession to the Eurasian Economic Union were signed on October 9, 2014 and December 23, 2014, respectively. Armenia and Kyrgyzstan's accession treaties came into force on January 2, 2015 and August 6, 2015.