YEREVAN, September 27. /ARKA/. The Armenian government upheld Thursday at its regular meeting a proposal to sign a free trade agreement with Singapore. The government also approved two other agreements with Singapore, one of which is a framework agreement on comprehensive economic cooperation among the Eurasian Economic Union members countries and Singapore and the other is a bilateral agreement between Armenia and Singapore on trade and investments.
Economy Minister Tigran Khachatryan said the agreements determine key requirements and conditions of trade among countries. It is also planned, he said, to spur trade and cooperation and to ensure modern standards to investments as well as to create companies and protect investments.
“The free trade agreement also regulates customs preferences and implies a list of 12,229 varieties of commodities which will be imported at preferential customs duties,” he said. In particular, the minister said that after the agreement come into force a zero customs duty rate will be implied for 4,858 varieties of products, while for 597 kinds of products the rate will come to zero three years later.
Khachatryan said that in five years zero rate will apply already to 2,340 names of commodities. The rate for 2,201 will shed to zero in seven years and for 716 in 10 years. “The advantage of these agreements is that Armenia will be able to export goods to Singapore at a zero customs duty rate,” Khachatryan said.