Singapore is ready to accelerate negotiations with the Eurasian Economic Community ( EAEC ) on the establishment of a free trade zone, said Stanislav Voskresensky, Russian Deputy Minister of Economic Development, reports TASS.

"This morning I had a telephone conversation with Singapore’s Deputy Minister of Commerce, who informed that they made preliminary consultations with all the partners of the EAEC, and that they confirm their interest to establish a free trade area in goods and services with the EAEC. It was agreed to expedite the consideration of Singapore’s application in the Eurasian Economic Commission,"  he said.

In May, at a meeting with the Russian Prime Minister Dmitry Medvedev the Prime Minister of Singapore Lee Hsien Loong said that he expects that the free trade zone between his country and the Eurasian Economic Community will start to operate until 2018.