Trade deal with Eurasian Economic Union brings lower tariffs, faster customs clearance: Koh Poh Koon

YEREVAN, ARMENIA - Singapore businesses will gain from a new free trade agreement with the Eurasian Economic Union , through such benefits as tariff reductions and faster customs clearance, said Senior Minister of State for Trade and Industry Koh Poh Koon on Monday .

On Tuesday , Singapore and the EAEU will sign several components of the EAEU-Singapore Free Trade Agreement, in a ceremony that will be witnessed by the union's leaders and Singapore's Prime Minister Lee Hsien Loong, who is on a four-day official visit to Armenia. Goods that will benefit include chemical products, precision instruments, machinery equipment, prepared foodstuffs, mineral oils, oil distillates and pharmaceutical products, he added.

Singaporean food processors and manufacturers will also benefit from the ease of entry into the EAEU markets, with measures in the FTA to enhance transparency on sanitary and phytosanitary regulations, which pertain to food products safety standards, and with enhanced clearance of customs, he added.

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