04:49 GMT11 August 2020
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    Russian President Vladimir Putin said that the establishment of a free trade zone between the Eurasian Economic Union and Singapore would contribute to an increase in the volume of trade.

    SOCHI (Sputnik) — The possibility of establishing a free trade zone between the Eurasian Economic Union (EEU) and Singapore, which would boost the trade between the two sides, is due to be considered, Russian President Vladimir Putin said Thursday.

    "The establishment of a free trade zone between the Eurasian Economic Union and Singapore would contribute to an increase in the volume of trade… Many of our partners have expressed interest in cooperating with the EEU. We would be happy to consider this possibility with Singapore as well," Putin said during a meeting with Singaporean Prime Minister Lee Hsien Loong.

    According to the Russian president, the volume of bilateral investments is increasing.

    The Eurasian Economic Union is an international organization for economic integration launched in 2015, with Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia as its member states. Over 40 countries and international organizations, including Indonesia, India, China, Thailand, Cambodia and Israel, have expressed a desire to create a trade zone with the EEU.

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    Tags:
    free trade zone, Eurasian Economic Union, Vladimir Putin, Russia, Singapore
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