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EAEU and ASEAN deepen trade, economic and investment cooperation

EAEU and ASEAN deepen trade, economic and investment cooperation

11/14/2018

On November 14, the Chairman of the Board of the Eurasian Economic Commission (EEC) Tigran Sargsyan and the Secretary General of the Association of Southeast Asian Nations (ASEAN) Lim Jock Hoi signed a Memorandum of Understanding between the EEC and ASEAN in Singapore. The Memorandum was signed in the presence of the Association’s leaders and Vladimir Putin, the President of the Russian Federation and Chairman of the Supreme Eurasian Economic Council.
The EEC Memorandum with ASEAN lays the foundation for the formation of a dialogue platform aimed at discussing a wide range of issues related to the interaction of integration blocks on the scale of the entire Eurasian continent.
"The conclusion of this Memorandum will contribute to the comprehensive expansion of trade, economic and investment cooperation between the EAEU Member States and the ASEAN participating countries," - Tigran Sargsyan told mass media reporters during the press scrum after the signing ceremony.
The parties will cooperate in such areas as customs regulation and trade facilitation, sanitary and phytosanitary measures, technical regulation, e-commerce, trade in services and investments as well as business development. First of all, it will provide a favorable environment for the development of sustainable interaction at the level of micro, small and medium-sized enterprises.
The meeting of the Chairman of the EEC Board Tigran Sargsyan and the Prime Minister of the Republic of Singapore Li Xian Long was held on the sidelines of the forum. The parties noted the progress in the negotiation process on the conclusion of a Free Trade Area Agreement between the Eurasian Economic Union and Singapore. In their view, by concluding this document they can stimulate some increase in their mutual turnover, investments as well as the exchange of investments and technologies.
For reference
The EEC and the ASEAN Secretariat have been cooperating at the level of heads of organizations since 2014. The Free Trade Area Agreement between the EAEU and Vietnam has been effective since 2016. It bears reminding that the prospects of the FTA Agreement with Singapore had been discussed in May 2016 during the meeting of the Chairman of the EEC Board Tigran Sargsyan and the Prime Minister of the Republic of Singapore Li Xian Long, following which the interest in developing this track was noted. At the same time, the Memorandum of Understanding between the EEC and the Government of the Republic of Singapore was signed.
The ASEAN Member States are Brunei, Vietnam, Indonesia, Cambodia, Laos, Malaysia, Myanmar, Singapore, Thailand, and Philippines.