The Eurasian Economic Union (EAEU) and Singapore have recently signed a landmark Free Trade Agreement (FTA), marking a significant step towards closer economic ties between the two regions. The agreement, which was signed on 1 October 2019 in Yerevan, Armenia, will provide many benefits for businesses and consumers alike.
The EAEU is an economic union made up of five member states: Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. The union was established in 2015 with the aim of promoting economic integration and cooperation between its member states. The Singapore FTA is the first agreement of its kind between the EAEU and an ASEAN (Association of Southeast Asian Nations) member state.
The FTA will eliminate tariffs on more than 90% of all goods traded between the EAEU and Singapore. This will provide significant savings for businesses and consumers. In addition, the agreement will also provide for the protection of intellectual property rights, which will help to encourage innovation and creativity in both regions.
The FTA will also provide for the liberalization of trade in services. This will open up new opportunities for businesses in areas such as financial services, telecommunications, and transportation. It will also make it easier for people from both regions to travel and do business with each other.
One of the most important aspects of the FTA is the commitment to the rule of law and the protection of human rights. This will help to ensure that businesses and individuals are able to operate in a safe and stable environment. It will also help to promote greater transparency and accountability in both regions.
Overall, the EAEU-Singapore FTA is a significant step towards closer economic integration and cooperation between the two regions. The agreement will provide many benefits for businesses and consumers, and will help to promote greater stability and prosperity in both regions. As the world becomes increasingly connected, it is important for countries and regions to work together towards common goals. The EAEU-Singapore FTA is a shining example of this kind of cooperation.
