Singapore Russia Free Trade Agreement

With about 30% of the world`s gross domestic product (GDP) and nearly a third of the world`s population, RCEP is the world`s largest free trade agreement to date. As an important regional agreement, RCEP will complement Singapore`s existing network of free trade agreements, expand our economic space and boost trade and investment flows. The Free Trade Agreement is EAWU`s first comprehensive free trade agreement. Belarusian President Alexander Lukashenko and Russian President Vladimir Putin have both called for the removal of trade barriers within the economic bloc. RCEP requires ratification by 6 of the 10 ASEAN member states and 3 of the 5 ASEAN-FTA partners for the agreement to enter into force. Therefore, the timing of implementation depends on the internal processes of ratification of the agreement by the relevant RCEP partners. Sri Lanka, already a popular winter home for many Russians, also has a DTA with Singapore. Established Russian export markets Japan, South Korea and Turkey also have a DBA with Singapore, while the free trade agreement between Singapore and the European Union was signed just a few months ago and is also expected to enter into force shortly. He said the deal was reached after just seven rounds of formal negotiations that began two years ago, a pace Lee called frantic speed.

Moldova`s pro-Russian President Igor Dodon, who represented his country as head of an observer state, stressed that the EAWU and the European Union should create a free trade area. “Participation in new integration programmes is a priority for Moldova,” he said. Singaporean companies interested in exploring EAEU markets can contact Dezan Shira & Associates Singapore`s office in singapore@dezshira.com and write to Maria Kotova. The Russian Embassy in Singapore has just published the latest issue of Opportunity Russia magazine, which is commissioned by the Russian government to promote Russian trade relations through the regional embassy. This issue deals in detail with Singapore and contains articles by President Putin, the Russian Ambassador to Singapore, Enterprise Singapore, the head of the Russian Direct Investment Fund and the heads of various Russian-Singaporean organizations. . . .