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MOSCOW: May 19, 2016. Singapore has signed an MoU with the Eurasian Economic Commission (EEC) to boost trade and increase Customs and IT collaboration.

Singapore Prime Minister Lee Hsien LoonThe EEC is the executive regulatory body of the Eurasian Economic Union (EAEU), made up of Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.

Singapore prime minister Lee Hsien Loong (right) said the agreement was a concrete step towards a deepening and widening engagement with the EEU and an eventual free trade zone between Singapore and the Eurasian Economic Union (EAEU).

Speaking with Russian president Vladimir Putin, Lee noted: "We assume that the agreement on a free trade zone between Singapore and the EAEU will support the development of trade. A feasibility study to assure us that an agreement like that is economically viable, would be the first step towards making such an agreement," he added.

According to the EAEU its collective GDP was US$2.2 trillion in 2014; industrial production was US$1.4 trillion; and the volume of external trade with third countries was US$877.6 billion – equal to 3.7 percent of world exports and 2.3 percent of world imports.

Putin said the creation of a free trade zone between the EAEU and Singapore would boost bilateral trade and added that Moscow plans to "facilitate further development of the ties" between them. He also noted that Russia’s investment in Singapore currently totals US$2.5 billion while Singapore’s investment in the Russian economy is US$1 billion.

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