Russia and Singapore will begin consultations on the FTA

Moscow. November 17. Moscow and Singapore are beginning consultations on creating a free trade area (FTA) between the Eurasian economic Union (EEU) and this country, said first Deputy Prime Minister Igor Shuvalov to journalists on Tuesday.

“We agreed that the competence of the government of the Russian Federation on free trade zone we, without delay, begin consultations with the government of the Republic of Singapore on the establishment of a free trade zone. With regard to the competence of the EEU, Singapore will immediately submit the appeal to the Eurasian economic Commission with a request for early consultation and the conclusion of such agreement”, – said Shuvalov following the meeting of the intergovernmental Commission.

“Vietnam is fairly well worked, it was our pilot agreement, and I think with Singapore it can be done faster,” he said.

The Ministry of economic development instructed to immediately start negotiations.

“We must understand that negotiations will take place against the background of other very important negotiations, for example, to pair with Chinese economic belt of the silk road and the construction of the Eurasian economic Union,” Shuvalov said.

He noted that the membership of Singapore in the TRANS-Pacific partnership will not prevent the creation of an FTA with the EEU. “This will give more opportunities, not reducing them, and we hope that the agreement of Singapore with the EEU is more than an agreement between two parties. Many people will use Singapore to advance to the Asia-Pacific region”, – said the first Deputy Prime Minister.