Singaporean Deputy Prime Minister Tharman Shanmugaratnam (Source: AP)

Singapore (VNA) – Singapore and the Eurasia Economic Union (EAEU) will soon start negotiations on a comprehensive free trade agreement.

This is among several initiatives discussed during the visit to Russia of Singaporean Deputy Prime Minister Tharman Shanmugaratnam.

The recommendation will give Singapore a chance to get access to the EAEU market with 180 million people and total gross domestic products of 4.2 trillion USD. The EAEU includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.

During his visit, Tharman and his Russian counterpart, First Deputy Prime Minister Igor Shuvalov witnessed the signing of several agreements, including those relating to the update of the existing document on double taxation avoidance, the future visa exemption for diplomatic and official passport holders and moves to deepen cooperation in labour and education.

Russian and Singaporean businesspeople have also reached important deals. Changi International Airport has finalised terms of an agreement to develop and manage Vladivostok International Airport, a crucial part in Russia’s plan to re-develop the Far East region.

Russia was the 21st largest trade partner of Singapore in 2014, with two-way trade revenue valued at 7.63 billion USD, rising 50 percent compared to the earlier year.-VNA