Industry Odisha Bureau, Jun 9: An Indian delegation is expected to be on an important official tour to Russia by this month in a bid to hold high level talks on the Eurasian Economic Union (EAEU) free trade agreement (FTA).
Notably, the “Eurasian Economic Union (EAEU) is an economic union of five post-Soviet states located in Eurasia, aimed at fostering economic integration and cooperation among its member countries. EAEU is a five-member economic bloc comprising Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia and was set up in 2015 to promote economic integration through a common market, removal of trade barriers and coordination of economic policies among member states.”
Reports said that, the upcoming talks on the EAEU FTA are expected to “focus on easing sanitary and phytosanitary measures and technical barriers to trade as the sanitary and phytosanitary measures are regulations used by countries to protect humans, animals, and plants from diseases, pests, or harmful contaminants in food and agricultural imports.”
Reports also said that, the EAEU FTA is necessary for India since the country seeks to “diversify its export markets due to high tariffs imposed by the USA.”
Also, India and Russia reportedly “aim to boost bilateral trade to $100 billion by 2030.”
Pertinent to note here that, Russian president Vladimir Putin, during his recent visit to India, has reportedly said that, “Moscow-based oil company Rosneft has invested approximately $25 billion in the Indian economy, including in refinery, port, a network of fueling stations, and other facilities.”
