_ Moscow, 11 April 2019.
Member of the Board of the Eurasian Economic Commission Veronika Nikishina said that “just a step separates” the EAEU from “the end of negotiations with Singapore on a free trade zone.” “If we evince patience and will aimed at achieving results – we also want to sign this agreement this year,” the member of the Board of the Eurasian Economic Commission explained.
Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia are the current member states of the union, with a combined GDP of US$2.2 trillion; US$ 3.1 trillion of industrial products; and US$877 billion worth trade with non-member countries – equal to 7.3 percent of world exports and 3.2 percent of world imports. China, Iran, Egypt and Vietnam have all agreed FTA with the EAEU with several countries waiting in the wings. A deal with Singapore would be a coup as the country remains a major gateway into the South-East Asian region of ASEAN and beyond, while it serves as a major regional financial and services hub. It has a GDP of US$349 billion (US$61,766 per capita) and low tax rates of about 14%.
The upcoming FTA with Singapore and the EAEU is likely to have a huge impact and project Russian businesses especially towards Asia. These are exciting times for the Russian economy in the East.