Singapore signed MOU with the Eurasian Economic Commission (EEC)
On Wednesday, Singapore signed a memorandum of understanding with the Eurasian Economic Commission (EEC) in a move aimed at bolstering economic ties and closer collaboration in areas such as customs administration and information technology.
ECC is the executive regulatory body of the Eurasian Economic Union, which comprises Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. The Eurasian Economic Union presents a combined market of 180 million people and a total GDP of S$6 trillion.
Singapore’s Prime Minister, Mr. Lee Hsien Loong, said the “MOU will now allow officials and business communities to become more familiar with each other, and the more intense interaction will enable us to identify new trade and investment opportunities in the Eurasian Union markets that Singapore companies can take advantage of, and conversely, we will also identify new opportunities for companies from the Eurasian Union to use Singapore to invest in and also to be a gateway to Asia.”
Mr Lee has expressed the hope that this will pave the way for a free trade agreement between Singapore and the Eurasian Economic Union to be signed by 2018, noting that by reducing obstacles to trade and establishing a conducive environment for business and bilateral cooperation, will benefit economic cooperation.
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