Kazakh President Approves Free Trade Agreement Between EAEU and Singapore
President Kassym-Jomart Tokayev of Kazakhstan recently ratified the country’s law on the framework agreement for comprehensive economic cooperation and the Free Trade Agreement (FTA) between the Eurasian Economic Union (EAEU) and Singapore, as reported by Akorda on Jan. 9.
The law, which has now been officially published, outlines that once the agreement comes into effect, Singapore will eliminate all tariffs on imported goods and will refrain from imposing any tariff or non-tariff trade restrictions.
Under this agreement, the EAEU will provide a duty-free regime for 88% of goods, with an initial application to 40% of products. Singapore, on the other hand, will abolish import duties on all goods originating from Kazakhstan and other EAEU countries as soon as the agreement is implemented.
This move is expected to promote greater economic cooperation and trade between the EAEU member states and Singapore, while also benefiting consumers and businesses through enhanced market access and reduced trade barriers.
