The Armenian authorities are in favor of creating a favorable environment and conditions for the development of trade relations with Singapore. Minister of Economy Vahan Kerobyan said this at Friday’s session of the National Assembly, during the latter’s debates on the ratification of the agreement on free trade between the Eurasian Economic Union (EAEU) member countries—including Armenia—and Singapore.

According to him, the ratification of this agreement will contribute to the economic cooperation of the parties in domains of mutual interest. In addition, existing trade and investment barriers between the countries will be eliminated.

"The reduction of business costs and the increase of economic efficiency will also be ensured," the economy minister noted.

The agreement includes sections such as trade in goods, trade defense measures, rules for determining the origin of goods, technical barriers to trade, customs cooperation, etc.

According to Kerobyan, the register specified by the obligations of the EAEU contains 12,229 products, of which 4,858 are planned to be taxed with zero customs duty; moreover, immediately after the entry into force of the agreement.

"The mentioned agreement was signed on October 1, 2019," the representative of the Armenian government said.

The ratification of this agreement, as the economy minister noted, is conditioned by cooperation within the framework of EAEU. It derives from the 2021-2026 program approved by the Armenian government.