Parliamentary committee approves ratifying EEU-Singapore free trade agreement

• 01.23.2023, 15:29
•  EEU,  World,  Armenia

The Armenian parliament’s regional and Eurasian integration affairs committee approved the ratification of the Eurasian Economic Union (EEU) – Singapore Free Trade Agreement, Armenpress reports.

According to the agreement, Singapore will not apply customs duties on goods originating from the EEU.

The agreement was signed on October 1, 2019 in Yerevan.

''The purpose of the agreement is to create a beneficial environment and conditions for the development of mutual trade relations and intensification of economic cooperation between the sides in areas of mutual interest, as well as to eliminate the trade and investment obstacles, reduce expenditures of businesses and increase economic productivity,'' Minister of Economy Vahan Kerobyan said at the committee hearing.

Speaking about the tariff obligations of the sides, Kerobyan said the EEU list contains 12,229 product types, with 0% customs duty for 4858 of products which will be effectively immediately upon the agreement taking force. The customs duty for another 597 types of products will be reduced to 0% in three years, for 2340 others in 5 years, for 2201 others in 7 years and for 716 others in 10 years.

The issue of ratifying the agreement was included in the agenda of the upcoming plenary session of parliament.