Eurasian Economic Union Expects To Finalize Free Trade Area Talks With Singapore In 2019

The negotiations between the Eurasian Economic Union (EAEU) and Singapore on a free trade zone will be completed in 2019, the Eurasian Economic Commission (EEC) said on Thursday.

MOSCOW (UrduPoint News / Sputnik - 15th November, 2018) The negotiations between the Eurasian Economic Union (EAEU) and Singapore on a free trade zone will be completed in 2019, the Eurasian Economic Commission (EEC) said on Thursday.

On Wednesday, Veronika Nikishina, the EEC minister for trade, and Koh Poh Koon, the Singaporean senior minister of state for trade and industry, held a meeting in Singapore. The sides reached a number of compromise decisions with regard to the future free trade framework agreement, according to the EEC.

"Veronika Nikishina welcomed Singapore's intention to finalize negotiations with the EAEU member states on bilateral agreements on the liberalization of trade in services and investment by the middle of next year.

This will make it possible to sign a package of agreements that would create a full-scale free trade zone," the EEC said in a statement.

The EAEU-Singapore talks on a free trade area started in August 2017. Since that, the sides held five rounds of talks. The next round is scheduled for December.

More than 40 nations and trade blocs have already voiced their intention to sign free trade agreements with the EAEU. On May 17, the five-nation economic bloc comprised of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia struck a provisional free trade deal with Iran and an agreement on trade and economic cooperation with China.