https://sputniknews.in/20240403/india-and-eurasian-economic-union-eeu-move-closer-to-fta-negotiations-7023204.html
India and Eurasian Economic Union (EEU) Move Closer to FTA Negotiations
India and Eurasian Economic Union (EEU) Move Closer to FTA Negotiations
Sputnik India
Senior officials from India and the EEU met on March 28 and discussed the formal launch of negotiations for the FTA, an official said.
2024-04-03T14:30+0530
2024-04-03T14:30+0530
2024-04-03T14:30+0530
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Senior Indian officials and representatives of the Eurasian Economic Union (EEU) held extensive talks last month to begin formal negotiations on a free trade agreement (FTA). The move is aimed at strengthening economic ties between the two entities, according to an official statement cited by the Press Trust of India (PTI).The EEU includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan as its five member states.The official also revealed that two feasibility studies have already been conducted on the proposed agreement.Ultimately, these agreements provide greater market access for Indian goods and services in EU member states.According to an industry expert, domestic exporters specializing in sectors such as engineering goods, electronics, and agriculture will gain a competitive advantage from the agreement.Bilateral trade figures with other members of the bloc were as follows: $134.26 million with Armenia, $111.81 million with Belarus, $641.62 million with Kazakhstan, and $56.56 million with Kyrgyzstan in the fiscal year 2022-23.
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indian senior officials, eurasian economic union (eeu), free trade agreement (fta), press trust of india (pti), armenia, belarus, kazakhstan, kyrgyzstan, russia, substantial reduction of customs duties, traded good, market access, indian goods and services, industry expert, domestic exporters, engineering goods, electronics, and agriculture, bilateral trade, russia, crude oil, bilateral trade, armenia, belarus, kazakhstan, kyrgyzstan
India and Eurasian Economic Union (EEU) Move Closer to FTA Negotiations
Senior officials from India and the EEU met on March 28 and discussed the formal launch of negotiations for the FTA, an official said.
Senior Indian officials and representatives of the Eurasian Economic Union (EEU) held extensive talks last month to begin formal negotiations on a free trade agreement (FTA). The move is aimed at strengthening economic ties between the two entities, according to an official statement cited by the Press Trust of India (PTI).
The EEU includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan as its five member states.
The official also revealed that two feasibility studies have already been conducted on the proposed agreement.
Such agreements typically involve the reciprocal elimination or substantial reduction of tariffs on a wide range of goods traded between participating nations.
Ultimately, these agreements provide greater market access for Indian goods and services in EU member states.
“Senior officers of both sides have met on March 28 here and have discussed formally starting talks for the FTA,” the official noted.
According to an industry expert,
domestic exporters specializing in sectors such as engineering goods, electronics, and agriculture will gain a competitive advantage from the agreement.
Within the bloc, Russia emerges as India's foremost trading partner, with bilateral trade reaching $49.4 billion in fiscal 2022-23. India's exports to Russia during this period amounted to $1.14 billion, while imports totaled $46.2 billion, largely driven by increased crude oil imports.
Bilateral trade figures with other members of the bloc were as follows: $134.26 million with Armenia, $111.81 million with Belarus, $641.62 million with Kazakhstan, and $56.56 million with Kyrgyzstan in the fiscal year 2022-23.
