Russia and Singapore start consultations about the FTZ creation


Deputy Minister of Economic Development of the Russian Federation Stanislav Voskresensky took part in the sixth session of the Intergovernmental Russian-Singapore Commission that was held by the First Vice Prime Minister Igor Shuvalov and Vice Prime Minster of the Government, the Minister-coordinator of Economic and Social Politics of Republic of Singapore Tarman Shanmugaratnama.

The issues about the possibility of concluding an agreement on free trade zone were considered during the plenary session. “In order to make trade and economic connections more solid we agreed that we started without delay, within the competence of the Government of Russian Federation in respect of free trade zones, preparatory negotiations with Republic of Singapore about Free Trade Zone formation,” noticed the Chairman of the Russian part of the Commission. On the sidelines of the IGC the common projects of two countries both in traditional and completely new fields were discussed; the issues on education, energy supply, transport infrastructure and agricultural sector were touched.

It was mentioned during bilateral negotiations that the issue under subject of free trade zone between Singapore and Eurasian Economic Union was not transferred to the supernational level of EEU, therefore the Ministry of Economic Development of Russia will proceed with those negotiations.

The following documents were signed based on the results of the session:

1. The Protocol on introducing amendments to the Agreement for the Avoidance of Double-taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income between the Russian Federation Government and the Government of the Republic of Singapore;

2. The Agreement for Terms of Mutual Cancellation of Visa Requirements to the Holders of Diplomatic and Work-related (Official) Passports between the Russian Federation Government and the Government of the Republic of Singapore.

3. The Memorandum on Mutual Understanding between Ministry for Labor and Social Protection of Russian Federation and Ministry for Labor Resources of Republic of Singapore.

4. The Memorandum on Graduate Employability between Moscow State University named after Lomonosov and Nanyan Technological University.

5. The Memorandum on Mutual Understanding between the company “Sportmaster” and Nanyan Technological University.

6. The Memorandum on Mutual Understanding between JSC “Technologii Bezopasnosti” and ST Electronics.