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Singapore interested in free trade zone with EAEU — official

June 16, 2016, 13:34 UTC+3 ST. PETERSBURG

The chairman of the Eurasian Economic commission’s board says the dialogue has begun, the EAEU countries welcome the idea

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© AP Photo/Wong Maye-E

ST. PETERSBURG, June 16. /TASS/. Singapore is interested in creating a zone of free trade with the Eurasian Economic Union, the chairman of the Eurasian Economic commission’s Board, Tigran Sarkisian, told the St. Petersburg International Economic forum.

"We’ve started the dialog. Singapore’s prime minister suggested quick transition to discussing the possibility of concluding a free trade zone agreement with Singapore," he said.

"Singapore is interested," he said. "I am pleased to inform you that the prime ministers of our countries (EAEU) discussed this question, too, and welcomed the idea."

At a meeting with Singapore’s Prime Minister Li Hsian Loong in May Russian President Vladimir Putin said that the establishment of a EAEU-Singapore free trade zone would boost bilateral trade.

Putin said that Russia-Singapore relations were developing and mutual investment growing. Russia’s investment in Singapore currently stands at $2.5 billion, and Singapore’s investment in Russia, at $1 billion.

Putin recalled that Vietnam was the first of the ASEAN member-states to have signed a free trade zone agreement with Russia.

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