Kazakhstan’s President ratified the law for a free trade agreement between the Eurasian Economic Union (EAEU) and Singapore, removing tariffs and promoting economic cooperation
Kazakhstan’s President Kassym-Jomart Tokayev ratified the law on a framework agreement for comprehensive economic cooperation and the Free Trade Agreement (FTA) between the Eurasian Economic Union (EAEU) and Singapore on 9 January, according to Akorda’s official report.
The law, now published, sets the stage for Singapore to eliminate all tariffs on imported goods and commit to refraining from tariff or non-tariff trade restrictions. The EAEU, which includes Kazakhstan as a member state, will establish a duty-free regime for 88% of goods, starting with 40% of products initially.
Under the agreement, Singapore will abolish import duties on all goods from Kazakhstan and other EAEU nations from the moment the pact comes into force. This move is expected to strengthen economic ties and foster trade between the regions.
The agreement highlights Kazakhstan’s ongoing efforts to enhance its role within the EAEU framework while promoting broader economic cooperation with global partners. The initiative reflects the country’s commitment to fostering trade liberalisation and economic growth.
Source: The Astana Times
