PM's remarks after the signing of the Memorandum of Understanding at the Eurasian Economic Commission

Thank you, Mr Tigran Sargsyan, Chairman of the Eurasian Economic Commission, distinguished guests, ladies and gentlemen.

I am very happy today that we have signed the Memorandum of Understanding (MOU). This is a positive and concrete step towards deepening and widening engagement with the Eurasian Economic Union, which represents five dynamic economies. 

Chairman Sargsyan and I discussed how our relations have been growing over the last decade, and also the untapped potential between Singapore and the Eurasian Union. Now we have the MOU, it will provide a platform for us to have regular interactions between the commission and Singapore. We can identify new areas of collaboration and our officials and business communities can become more familiar with each other.

I am sure this more intense interaction will enable us to identify new trade and investment opportunities in the Eurasian Union markets that Singapore companies can take advantage of, and conversely, we will also identify opportunities for companies from the Eurasian Union to use Singapore to invest in and also to be a gateway into Asia.

Singapore is a major transport, logistics, financial hub and it has one of the most extensive network of trade agreements in Asia. We hope we can be a useful partner for the Eurasian Union for your companies’ and your entities to engage Asia. Our two economies will benefit greatly from a Free Trade Agreement (FTA) between the Eurasian Union and Singapore. Such an FTA will reduce obstacles to trade and establish a conducive strategic environment for business and bilateral cooperation. 

I hope both sides will work closely together to study the possibilities and opportunities and hopefully work towards launching negotiations for the FTA. I am confident that our work will strengthen trade and investment ties between Singapore and the Eurasian Union. Thank you.

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