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Time in Yerevan: 11:07,   29 March 2024

Exports from Armenia to Singapore to be exempt from customs duties

Exports from Armenia to Singapore to be exempt from customs duties

YEREVAN, SEPTEMBER 26, ARMENPRESS. The Armenian government today approved signing three economic cooperation agreements with Singapore.

The first one was the signing of a free trade agreement between the EAEU, its member states and Singapore.

Minister of Economy Tigran Khachatryan said the agreement aims at creating a beneficial environment and conditions for the development of mutual commercial relations and promotion of economic cooperation between the sides in areas of mutual interest, as well as to eliminate the trade and investment barriers, reduce business expenditures and raise the economic efficiency.

The second draft was about the signing of the comprehensive economic partnership agreement between the EAEU and Singapore. The agreement aims at promoting trade of goods and services, expanding the cooperation, ensuring capital investments, etc.

The Cabinet also approved the proposal to sign the agreement on services trade and investments between Armenia and Singapore. The agreement, in fact, liberalizes the processes of conducting trade services and investments between Armenia and Singapore.

“The agreement is expected to contribute to boosting the bilateral economic relations and discovering new markets for both sides”, the minister said, adding that according to this agreement the exports from Armenia to Singapore are completely exempt from customs duties.

Deputy Prime Minister Tigran Avinyan urged the businessmen to thoroughly examine the aforementioned agreements for conducting effective activity.

Edited and translated by Aneta Harutyunyan

 








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