The Armenian government has greenlighted the ratification of the framework agreement between the Eurasian Economic Union and Singapore.
The Agreement on Comprehensive Economic Cooperation stipulates a commitment to the multilateral development of the interaction of the parties, the purpose of which is to promote the trade of goods, services, the expansion of cooperation, as well as the provision of modern standards for capital investment, establishment of companies and ensuring modern standards for protection of activity.
At the same time, the above-mentioned agreement stipulates the intention of the parties to conclude agreements on free trade in goods, investments and services, in accordance with the rules and authorities defined by the latter.
The purpose of the agreement is to create a favorable environment, conditions for the development of mutual trade relations, to promote economic cooperation between the parties in areas of mutual interest, as well as to eliminate trade and investment barriers between the parties, reduce business costs and increase economic efficiency.
The government also approved the ratification of the Agreement on Free Trade between EAEU member states and Singapore.