Jan 23, 2023 14:08Yerevan, January 23, Almenpress. The Committee on Regional and Eurasian Integration Affairs of the Armenian Parliament has approved the ratification of the Eurasian Economic Union (EEU) – Singapore Free Trade Agreement.
According to the agreement, Singapore will not apply tariffs on goods originating in the EEU.
The agreement was signed in Yerevan on October 1, 2019.
“The purpose of the agreement is to create a favorable environment and conditions for the development of mutual trade relations and the enhancement of bilateral economic cooperation in areas of mutual interest, and to eliminate barriers to trade and investment, It’s about cutting spending, increasing economic productivity,” Economy Minister Bahan Kerobian said at a committee hearing.
Speaking about the tariff obligations of the two sides, Kerobian said the EEU list includes 12,229 product types, with 4,858 products carrying tariffs of 0%, which will come into effect as soon as the agreement takes effect. Tariffs on 597 commodities will be reduced to 0% in 3 years, 2,340 other commodities in 5 years, 2,201 other commodities in 7 years, and other 716 commodities in 10 years. increase.
The issue of ratification of the agreement was included on the agenda of the next plenary session of Congress.
