Free Trade Agreements/Partnerships
Eurasian Economic Union-Singapore FTA (EAEUSFTA)
The Eurasian Economic Union (EAEU) is a customs union comprising five Member States: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. Collectively, the EAEU represents a market of US$2.6 trillion with a population of 190 million.
About the Eurasian Economic Union-Singapore FTA (EAEUSFTA)
The Eurasian Economic Union (EAEU) is a customs union comprising five Member States: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. Collectively, the EAEU represents a market of US$2.6 trillion with a population of 190 million.
Due to the unique structure of the EAEU, Singapore and the EAEU signed the non-Services & Investment components of the EAEU-Singapore FTA (EAEUSFTA) first in October 2019, and are now working to finalise the Services and Investment components of the agreement, after which the EAEUSFTA will enter into force.
Key features of the EAEUSFTA
The EAEUSFTA is the first FTA between Singapore and the EAEU Member States. Upon entry into force, the EAEUSFTA will provide Singapore companies with enhanced market access to EAEU markets for goods trade, ensure WTO-plus rules for trade facilitation and customs cooperation, and provide enhanced protection for Singapore companies and investors.
When the EAEUSFTA enters into force, the EAEU will immediately reduce or eliminate tariffs on 90% of Singapore goods entering the EAEU, with this figure increasing to 97% within 10 years after entry into force.
The EAEUSFTA will enhance customs cooperation and trade facilitation, allowing goods to flow in a more transparent and efficient manner.
The EAEUSFTA will align both Parties’ competition regimes in line with principles on transparency, non-discrimination, and due process, as well as providing a platform for formal cooperation in the area of competition enforcement, thus enhancing protection for Singapore investors and companies in EAEU markets.