YEREVAN, APRIL18, ARMENPRESS. Armenia’s Ministry of Economy proposes to ratify the draft agreement on comprehensive economic cooperation between the Eurasian Economic Union, its member states and Singapore.

Minister of Economy Vahan Kerobyan presented the draft today during the session of the parliamentary standing committee on regional and Eurasian integration affairs.

The minister said that the single package of agreements on development of commercial cooperation between the Eurasian Economic Union and Singapore has been developed based on the 2016 December 26 decision of the Supreme Eurasian Economic Council.

“The agreement on comprehensive economic cooperation envisages an obligation of multilateral development of interaction of the sides, which aims at promoting the trade of goods and services, expanding the cooperation, and ensuring capital investments, contemporary standards for the foundation of companies and protection of their activity”, the minister said.

Kerobyan said that 7 negotiation stages were held with Singapore, within the frames of which talks were also held over the signing of the Framework agreement, which aims at creating a package of agreements, as well as bilateral talks over the signing of agreements on trade of services and investments.

“The agreement aims at creating an environment and conditions for the development of commercial relations and promotion of economic cooperation between the sides in areas of mutual interest, as well as for eliminating the trade and investment barriers between the sides, reducing the business expenditures and raising the economic efficiency”, he said.

Based on this the minister said that the ministry of economy finds the ratification of the agreement by Armenia appropriate.

The parliamentary standing committee on regional and Eurasian integration affairs approved the draft.