A regular session of the Supreme Eurasian Economic Council took place today in Yerevan, within the framework of Armenia’s chairmanship of the EAEU. The session was attended by RA Prime Minister Nikol Pashinyan, RF President Vladimir Putin, Kazakhstan President Kassym-Jomart Tokayev, Kyrgyz Republic President Sooronbai Jeenbekov and Eurasian Economic Commission Board Chairman Tigran Sargsyan.

In attendance were President of Moldova Igor Dodon as the head of an observer state, and President of Iran Hassan Rouhani and Prime Minister of Singapore Lee Hsien Loong, as guests of honor.

Following the Supreme Eurasian Economic Council meeting, two agreements were signed between the Eurasian Economic Union and Singapore: the Framework Agreement on Comprehensive Economic Cooperation and the Free Trade Agreement between the Eurasian Economic Union and its Member States, on the one hand, and the Republic of Singapore, on the other.

The signing ceremony was followed by a joint press conference by RA Prime Minister Nikol Pashinyan, Singapore Prime Minister Lee Hsien Loong and EAEC Board Chairman Tigran Sargsyan. The speakers made statements for the press and then answered journalists’ questions.

In his statement, Prime Minister Nikol Pashinyan said:
“Dear mass media representatives,
Dear Prime Minister,
Dear Eurasian Economic Commission Board Chairman,

The regular session of the Supreme Eurasian Economic Council is over. I would not be mistaken to say that it was a special, unprecedented event in its nature.

First of all, an international forum was held for the first time within the framework of our Union meeting. It was a breakthrough for our organization, and we are pleased that such events, as already decided by the EAEU Eurasian Economic Council, will now be held by the country presiding over our organization on various topics of interest to our countries.

As we know, our forum was dedicated to the transit potential of the Eurasian continent. During the meeting they discussed the issues of development of transport-logistics network and digital corridors of the region.

Second, we had special guests at today's session. We were pleased to welcome the President of the Islamic Republic of Iran Hassan Rouhani and the Prime Minister of the Republic of Singapore Lee Sien Lun and the President of Moldova Igor Dodoni as head of the observer status at the EEU.

Third, today's meeting was marked by the signing of a number of documents that open new horizons for trade and economic cooperation with one of the most technologically advanced and leading economies in the Pacific region, such as Singapore. It became another milestone in strengthening our Union and expanding the geography of its economic ties.

In this regard, I would like to inform you that today's session has signed the Framework Agreement on Economic Cooperation and the Agreement on the Free Trade between the Eurasian Economic Union, its Member States and the Republic of Singapore. I would like to thank everyone for completing the internal procedures on time, which made it possible to sign an agreement in Yerevan today.

In addition, an agreement on trade, services and investments will be signed between Armenia and Singapore.

In connection with the presence of the President of Iran, I would like to note that he has been invited because of a provisional agreement on the establishment of a free trade zone between the EAEU countries and Iran in October, a few days later. Armenia is interested in implementing this agreement and developing cooperation between the EAEU and our neighbor, friendly Iran.

I would also like to touch upon a few items on today's meeting agenda.

We discussed an important item on the agenda, making a final decision on the distribution of import duties between the budgets of the EAEU countries.

We have approved the 2018 Eurasian Economic Union. budget execution report, as well as EAEU 2020 budget.

We discussed the concept of the formation of a Single Financial Market developed in conjunction with the Eurasian Economic Commission, the Central Banks, and the Ministries of Finance and Economic Bloc of the EAEU. Its creation will contribute to raising the level, quality and accessibility of financial services for companies and citizens, as well as enhancing the efficiency of the financial sector.

Once again we discussed the harmonization of our countries' laws in the field of natural gas transportation and supply. We attach great importance to the formation of the EAEU Common Market for the promotion of energy security, economic integration and competitiveness of EU Member States on the world market.

Ladies and Gentlemen,

In conclusion, I would like to inform you that we have decided to hold the next session of the Supreme Eurasian Economic Council this December in St. Petersburg.

I now give the floor to Eurasian Economic Commission Board Chairman Tigran Sargsyan, who will address the agenda issues in more detail. Please, Tigran Surenovich.”

Chairman of the Board of the Eurasian Economic Commission Tigran Sargsyan noted: “Thank you, Nikol Vovayevich.
Dear Prime Ministers,
Distinguished mass media representatives,

Nikol Pashinyan presented the most urgent issues on our agenda that we discussed today. I can only add that a meeting of the Eurasian Economic Union Council was held yesterday with the participation of the Deputy Prime Ministers responsible for promoting integration into our Union.

The main and topical topic discussed at the level of Deputy Prime Ministers is the problem of removing obstacles and restrictions in our territory today.

We have agreed that we will do this work in a coordinated manner, and that all of our Board meetings will begin with these very issues that do not allow the common markets to function fully. This question is important as all countries, citizens and business communities are making sure that our Union works fully.

And today’s decisions at the Supreme Council level are another step in that direction. In particular, we have been able to agree on the concept of a Common Financial Market, and it is important that this concept has been developed by the Central Banks of the five countries that will be the direct implementers of our arrangements.

Based on this concept, which has been approved by the Heads of State, roadmaps for the implementation of the concept will be developed so that by 2025 In our Union markets, the freedoms of all financial services are already being realized. Thank you.”

Then the Prime Minister of Armenia have the floor to Prime Minister of the Republic of Singapore Lee Hsien Loong, who stated in his speech:
“Dear Mr. Pashinyan,
Mr. Sargsyan, Chairman of EAEC Board,

I thank Prime Minister Pashinyan and Chairman of the Eurasian Economic Commission Mr Sargsyan for their very warm welcome. I have been very honoured to have the opportunity to address the Supreme Eurasian Economic Council. I listened carefully to other leaders, and was heartened by their commitment to regional integration.

Singapore enjoys good relations with the EAEU and its member states. These relationships are founded on mutual respect, a desire for win-win cooperation, and a belief that we are collectively better off when we engage with one another.

Today, we signed the Framework and non-Services and Investment (S&I) Agreements of the Eurasian Economic Union-Singapore Free Trade Agreement. This is a significant milestone in our relationship.

I would like to congratulate and thank our negotiators for working hard to bring us across the finish line. They have concluded the negotiations in just two years and this reflects the strong support by all EAEU members for this agreement.

The FTA will deepen our ties and catalyse greater trade and investment flows. Trade between EAEU and Singapore is currently US$6.5 billion – not insignificant, but still quite modest.

When the FTA comes into force, our companies can enjoy lower tariffs and non-tariff barriers. These are tangible benefits that can immediately and meaningfully boost our trade.

In the longer term, regulatory cooperation, enhanced business linkages and greater familiarity with each other will allow our companies to operate across our regions with more ease and efficiency.

More broadly, this FTA is significant because it shows our resolve to resist the tide of protectionism. I just attended the UN General Assembly in New York, where many leaders, particularly of small states, expressed concern at the instinct to turn inwards, harden borders and hinder the free flow of trade and commerce.

I am glad that in the members of the EAEU, Singapore has also found like-minded partners committed to multilateralism and free trade. We are convinced that this free trade will foster competition and innovation, allow our businesses access to new technologies and global networks, increase our productivity and grow our economies.

I hope that this FTA between the EAEU and Singapore will lead to a broader trade agreement between the EAEU and the Association of Southeast Asian Nations. We have 800 million people between us, so it would be a substantial FTA. Such an FTA will help us unlock many more opportunities and realise our full potential.

Immediately after this, Armenia and Singapore will sign the bilateral Services & Investment Agreement. It is the first of five bilateral agreements to be concluded, and will complement the Framework and non-S&I agreements that we signed earlier.
I deeply appreciate Armenia’s forward-looking and constructive approach to the negotiations, and Prime Minister Pashinyan’s personal leadership.

We had discussed this in July, when the Prime Minister visited Singapore. We agreed to guide our officials to accelerate negotiations, and here we are today.

I therefore look forward to concluding the remaining S&I agreements with other EAEU members expeditiously.

Thank you very much.”

Public TV of Armenia, Question to the Prime Minister of Armenia - Mr. Prime Minister, how would you rate the effectiveness of the narrow session, meetings with foreign partners, especially with Iran, given the fact that Armenia is the only country in the EEU member state with a land border With Iran. How will the abolition of customs duties on a number of products affect the Armenian economy, and to what extent will Armenia's role in the EAEU increase?

Prime Minister Nikol Pashinyan – “Of course, this agreement opens up new opportunities for both Iranian and Armenian businesses. In general, we view this issue not only in the context of Iran-Armenia relations, but also in the context of the Eurasian Economic Union and Iran.

Of course, both Iran and the EAEU are huge markets, and there are many opportunities that need to be exploited. We hope that after that we will be able to push our business forward so that they can use these opportunities more actively. We also hope to develop the transit potential of the Republic of Armenia.

We are currently implementing very important infrastructure projects, and I am confident that it will result in more active trade and economic relations between Iran and the EAEU and in this context, the trade and economic relations between Iran and Armenia will be activated, too.”

The Straits Times,  Question to the Prime Minister of Singapore - Dear President, Prime Ministers, now, when the EAEU and Singapore have signed the Free Trade Agreement, when do you expect an agreement with ASEAN and what else can you say about ASEAN on the economic and non-economic advantages of a possible agreement with you?

Singapore Prime Minister Lee Hsien Loong – “Before discussing the economic cooperation agreement, it should be examined its feasibility and feasibility.

In case of Free Trade Agreement between EAEU and Singapore, we launched Feasibility Study for 2016 in May. I was in Moscow at that time, and I met with the Chairman of the EFTA Board, Tigran Sargsyan. After that study, we started negotiations and had a free trade agreement two and a half years later.

I think that in the case of ASEAN we should reach that level too. This should be discussed with ASEAN member states and I hope they will support this process.”

Armenia TV, Question to Tigran Sargsyan - Agreements with Singapore are essentially unique, as they speak not only of free trade but also of investments and services. Will this format be used in subsequent agreements with other states?

EAEC Board Chairman Tigran Sargsyan – “It is a good question as we are developing a new approach. Its essence is that we are expanding the EAEU’s powers because we are a pure economic union, and the issues of investment and services are now under the jurisdiction of national governments.

At the same time, it is clear that in order for our partners, in this case, to create comfortable conditions for Singapore, they must comply with a common standard approach to make Singapore comfortable throughout our economic space. And it is very important that we share this experience with other countries as well. In particular, we are now in the process of negotiating a free trade zone with Israel, and our Israeli counterparts are also proposing that it be a complex document, not only about tariffs, that is, free movement of goods, but also the contract for investments and services. section with the formula that we are now implementing with Singapore. That is, we think it is a good example, Singapore is the first country in this respect, and we hope to continue this practice.”

Following the press conference, the Prime Minister of Armenia and Singapore signed an Agreement on Services, Trade and Investment between the Republic of Armenia and the Republic of Singapore. The document was signed by the Deputy Prime Minister of the Republic of Armenia Mher Grigoryan and Senior Minister of the Republic of Singapore and Minister of Social Policy Coordinator Tarman Shanmugaratnam.