Armenia ratifies free trade agreement between EEU and Singapore

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10.02.2023, 15:30

The Armenian National Assembly has ratified today a free trade agreement between the Eurasian Economic Union (EEU) and Singapore.

Armenia ratifies free trade agreement between EEU and Singapore

YEREVAN, February 10. /ARKA/. The Armenian National Assembly has ratified today a free trade agreement between the Eurasian Economic Union (EEU) and Singapore.

Armenian Economy Minister Vahan Kerobyan said the agreement is to create a favorable environment and conditions to develop and stimulate bilateral trade relations in areas of mutual interest for the parties, as well as to eliminate trade and investment barriers, reduce costs for business and increase economic efficiency.

He said that the tax duty on 4,858 products will be zeroed immediately after the agreement comes into force. The tax duty for another 597 products will be zeroed in 3 years, for another 2,340 products - in 5 years, for another 2,201 products - in 7 years and for 716 more products in 10 years.

Singapore, in turn, will not to apply import duties to all goods produced by Eurasian Economic Union member states.-0-

#FREE TRADE AGREEMENT

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