_ EEC. Singapore, 14 November 2018.
Such intentions were expressed by the Member of the Board – Minister in charge of Trade of the Eurasian Economic Commission (EEC) Veronika Nikishina and the Senior Minister of Industry and Trade of Singapore Ko Poh Koon at a bilateral meeting held on November 14 in Singapore.
Some compromises were reached in the course of negotiations on one of the elements of the future agreement package – the Framework Agreement between the Eurasian Economic Union (EAEU) and Singapore.
Veronika Nikishina also welcomed the Singapore side’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 enable the signing of a single package of agreements forming a full-scale free trade area.
The EAEU-Singapore negotiations on a free trade area started in August 2017. Since then, five rounds of full-scale negotiations and several series of intersessional meetings were held. The next round is scheduled for December.
It bears reminding that the EAEU countries are negotiating with Singapore on a range of trade issues: goods, services and investments. The FTA Agreement is negotiated by the Eurasian Economic Commission jointly with the Union Member States. Yet, services and investments are negotiated with Singapore by each of the countries individually. Legal relations between the Union-wide and bilateral documents are formalized by a framework agreement.
The prospects of the FTA Agreement with Singapore had been discussed in May 2016 during the meeting of the Chairman of the EEC Board Tigran Sargsyan and the Prime Minister of the Republic of Singapore Li Xian Long, following which the interest in developing this track was noted. In December 2016, the Supreme Eurasian Economic Council decided to start negotiations.