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The goal of the draft law is to create beneficial environment and conditions for development of mutual trade relations and boosting economic cooperation between the sides in the spheres of mutual interest, as well as to eliminate the trade and investment obstacles between the sides, to decrease the business expenditures and to rise the economic efficiency. On January 23, the RA Minister of Economy said about this at the regular sitting of the RA NA Standing Committee on Regional and Eurasian Integration, presenting the draft on Ratifying the Agreement on Free Trade on One Hand between the Eurasian Economic Union and Its Member States and on the Other Hand the Republic of Singapore.

The parts included in the Agreement, as the trade of the goods, protective means of the trade, the rules of defining the origin of the goods, the technical obstacles of the trade, the customs cooperation, etc.

According to the Minister of Economy, the name list prescribed by the EAEU obligations contains 12.229 products, out of which on part 4858 use of 0 percent customs duty is designed immediately after the Agreement entering into force.

The abovementioned Agreement was signed on October 1, 2019.

The ratification of the Agreement was conditioned by the cooperation within the framework of the Eurasian Economic Union, which stems from the provisions of the Government programme for 2021-2026 approved by the decision of the RA Government, particularly, within the framework of the EAEU the Government will continue the discussions of the versions of the initiative and mutually beneficial cooperation aimed at the maximum use of the opportunities given by the structure, the increase of the volumes of trade turnover between the partner countries and the development of the cooperatives.

The draft law was endorsed.