India, Eurasian Economic Union to Start FTA Negotiations
By Rediff Money Desk, NEWDELHI Apr 02, 2024 15:26
India and the Eurasian Economic Union (EEU) are set to begin negotiations for a free trade agreement, aiming to boost economic ties. The agreement will provide greater market access to Indian goods and services.
New Delhi, Apr 2 (PTI) Senior officials of India and the five-nation Eurasian Economic Union (EEU) bloc held detailed discussions last month to formally start negotiations for a free trade agreement to boost economic ties, an official said.
The five members of the EEU are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
The official said two feasibility studies have already been conducted on the proposed agreement.
In such agreements, two or more trading partners either eliminate or significantly reduce customs duties on the maximum number of goods traded between them. These agreements provide greater market access to Indian goods and services.
"Senior officers of both sides have met on March 28 here and have discussed formally starting talks for the FTA," the official said.
An industry expert said domestic exporters from sectors like engineering goods, electronics and agriculture can get an edge from the agreement.
Russia is the top trading partner of India in the bloc, with bilateral trade worth USD 49.4 billion in FY23. India's exports to Russia stood at USD 1.14 billion in 2022-23, while imports were USD 46.2 billion due to an increase in crude oil imports.
The bilateral trade with Armenia, Belarus, Kazakhstan, and Kyrgyzstan was USD 134.26 million, USD 111.81 million, USD 641.62 million, and USD 56.56 million, respectively, in 2022-23.
A similar agreement was signed by India and the European Free Trade Association (EFTA). The members of this bloc are Iceland, Liechtenstein, Norway, and Switzerland.
The five members of the EEU are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
The official said two feasibility studies have already been conducted on the proposed agreement.
In such agreements, two or more trading partners either eliminate or significantly reduce customs duties on the maximum number of goods traded between them. These agreements provide greater market access to Indian goods and services.
"Senior officers of both sides have met on March 28 here and have discussed formally starting talks for the FTA," the official said.
An industry expert said domestic exporters from sectors like engineering goods, electronics and agriculture can get an edge from the agreement.
Russia is the top trading partner of India in the bloc, with bilateral trade worth USD 49.4 billion in FY23. India's exports to Russia stood at USD 1.14 billion in 2022-23, while imports were USD 46.2 billion due to an increase in crude oil imports.
The bilateral trade with Armenia, Belarus, Kazakhstan, and Kyrgyzstan was USD 134.26 million, USD 111.81 million, USD 641.62 million, and USD 56.56 million, respectively, in 2022-23.
A similar agreement was signed by India and the European Free Trade Association (EFTA). The members of this bloc are Iceland, Liechtenstein, Norway, and Switzerland.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...