Eurasian Economic Union-Singapore FTA will make 'positive contribution' to economic relations: Russia, Singapore

SINGAPORE: When completed, the Eurasian Economic Union (EAEU)-Singapore Free Trade Agreement (FTA) will make a "positive contribution" to economic relations between Russia and Singapore, the two countries said in a joint statement on Friday (Dec 17). 

This comes after a virtual meeting between Senior Minister Tharman Shanmugaratnam and Russia's Deputy Prime Minister Dmitry Chernyshenko. Both leaders co-chaired the Eleventh Session of the High-level Russia-Singapore Inter-Governmental Commission on Friday.

The EAEU is an economic bloc comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.

Russia and Singapore said they look forward to the “expeditious completion” of the Services and Investment Agreement between the two countries - a key component of the EAEU-Singapore FTA - which is currently being negotiated. 

Building trade infrastructure such as the EAEU-Singapore FTA is crucial in enhancing trade and investment, both countries noted.

Singapore and Russia must continue to expand bilateral cooperation as both countries seek to emerge from the COVID-19 pandemic and restore growth, the two countries said.

They noted that even amid the pandemic, total bilateral trade between both countries in the first three quarters of 2021 “increased significantly” year-on-year, with "robust" collaborations in food trade and the digital sector.

During the meeting, both countries also discussed cooperation in areas such as low-carbon solutions, including hydrogen and carbon capture, as well as utilisation and storage. They agreed to explore collaborations in the infrastructure and transport sectors. 

The two also expressed interest in exploring opportunities for cooperation in relation to the Northern Sea Route, in such areas as logistics and shipbuilding.

Both countries agreed to hold the Twelfth Session of the High-Level Russia-Singapore Inter-Governmental Commission in Singapore next year, with specific dates and venues to be agreed on later.