France, Iran, Singapore: Senate Ratifies Trade Deals

Senators approved ratifying agreements with France, Iran, and Singapore on trade cooperation, Orda.kz reports. 

France

The Agreement between the Government of the Republic of Kazakhstan and the Government of the French Republic defines the work of the French Development Agency (AFD).

It establishes the legal, tax, and financial conditions for the functioning of the AFD group, defines the legal status and permitted types of activities, and regulates the creation and maintenance of the AFD representative office in Kazakhstan. 

The AFD Group may acquire and dispose of movable and immovable property, with the exception of lands prohibited from being in the private ownership of foreign legal entities per the legislation of the Republic of Kazakhstan, and also apply to the court, says the bill's conclusion specifies.

The AFD Group's activities are carried out across borders from its headquarters in France. 

Iran

The Committee on Economic Policy, Innovative Development, and Entrepreneurship also approved the draft law “On the ratification of the Free Trade Agreement between the Eurasian Economic Union and its member states and the Islamic Republic of Iran.”

The agreement between the EAEU and Iran provides for the abolition of duties on many goods.

The agreement allows goods imported to receive the same benefits and advantages as local goods. 

The parties also ensure free transit of goods through their territories along the most convenient routes.

The agreement includes simplified rules for trade and customs cooperation, specifying the origin of goods, measures to protect the domestic market, sanitary and phytosanitary requirements, as well as public procurement issues, technical barriers, industry cooperation, and dispute resolution.

Singapore 

The Committee on Economic Policy, Innovation, and Entrepreneurship also ratified the agreement with Singapore.

It aims to create favorable conditions for strengthening trade and economic cooperation, removing barriers to trade, reducing business costs, and improving economic efficiency.

The main objective of the agreements is to create a free trade zone between the Eurasian Economic Union (EAEU) and Singapore. The agreement also aims to attract investment to EAEU countries.

One of the agreement's primary provisions is the introduction of a duty-free trade regime for 88% of goods, with the exception of some sensitive categories.

Expectations:

• Expansion of goods exported from the EAEU countries to Singapore.
• Protecting the interests of local producers in the Singapore market.

Original Author: Ilya Astakhov