Singapore Russia Free Trade Agreement

Singapore and EAEU will thus enter into regulatory cooperation in areas such as investment and intellectual property protection, the promotion of e-commerce, streamlining customs procedures and closer cooperation in the area of competition enforcement and trade facilitation. These will strengthen trade and investment between Singapore and the EAEU, strengthen business networks and reduce business costs. Singapore can also serve as a base for reaching other markets. These include Australia, which is less than a 5-hour flight from Singapore and also has a DBA with the country and runs as a free partner of the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), which, once again, introduces New Zealand into Singapore`s free trade tax influence zone. Sri Lanka, already a popular winter home for many Russians, also has a DTA with Singapore. Established Russian export markets such as Japan, South Korea and Turkey also have access costs with Singapore, while the Singapore-EU free trade agreement was signed only a few months ago and will also enter into force shortly. He said the agreement was reached after only seven rounds of formal negotiations that began two years ago, a pace that Mr. Lee described as unbridled speed. This is the first comprehensive free trade agreement signed by the EAEU since its inception in 2015. The Eurasian Economic Union (EAEU), the economic alliance led by Russia led by Armenia, Belarus, Kazakhstan and Kyrgyzstan, signed a free trade agreement with Singapore at the annual summit of the Eurasian Supreme Council, the organization`s executive body in Yerevan, as reported by the Armenian press.

Singapore also has free trade agreements with China and India. The Singapore-China Free Trade Agreement can be downloaded here and the Singapore-India Free Trade Agreement here. Again, Russian nationals can join a company in Singapore to take advantage of these agreements. They provide for significant tariff reductions for trade between Singapore and China and Singapore-India. The RCEP will require the ratification of 6 of the 10 ASEAN member states and 3 of the five ASEAN-FTA partners for the agreement to enter into force. Therefore, the timing of implementation depends on the internal processes for ratification of the agreement by RCEP partners. Opportunity Russia – the Singapore issue is a valuable source of business and business information on opportunities for Russian companies in Singapore and Singapore investors in Russia, and perhaps downloaded for free by referring to the image below: Apart from the agreement reached with Singapore, the Armenian EAEU presidency has been crucial to promoting free trade negotiations with Iran and Serbia. This last point is expected to be signed on 25 October.

The Russian Embassy in Singapore has just published the latest issue of Opportunity Russia magazine, mandated by the Russian government to promote Russian trade relations through the regional embassy. This edition covers Singapore in detail and contains articles from President Putin, the Russian Ambassador to Singapore, Enterprise Singapore, the head of the Russian Direct Investment Fund and the leaders of various Russian-Singaporean organizations. The RCEP establishes a modern, comprehensive, quality and mutually beneficial economic partnership that builds on ASEAN`s existing bilateral agreements with its five partners in the Free Trade Agreement (FTA). The RCEP, which accounts for about 30% of the world`s gross domestic product (GDP) and accounts for nearly one-third of the world`s population, is the world`s largest free trade agreement to date.