NewKerala.com

India-Russia Summit: How a New Free Trade Deal Could Reshape Eurasian Trade

India and Russia are pushing hard to finalize a free trade agreement. This deal is with the broader Eurasian Economic Union, not just Russia. Both sides want to speed up talks to get it done on time. The goal is to fix trade imbalances and build stronger economic links across the region.

Key Points: Modi-Putin Talks Focus on India-Eurasian Economic Union FTA

  • Modi and Putin discussed fast-tracking the India-Eurasian Economic Union FTA negotiations
  • The deal aims to address India's trade deficit and energise two-way investment
  • Terms of reference were finalised during EAM Jaishankar's Moscow visit in November
  • Connectivity initiatives like the International North-South transport corridor were also reviewed
2 min read

India-Russia talks focus on free trade agreement with Eurasian Economic Union

India and Russia agree to fast-track a free trade agreement with the Eurasian Economic Union to address trade deficits and boost economic connectivity.

"It was agreed between the two sides that negotiations should be fast-tracked for early conclusions within the stipulated timelines. - Foreign Secretary Vikram Misri"

New Delhi, December 5

Foreign Secretary Vikram Misri said that Prime Minister Narendra Modi and President Vladimir Putin also discussed the proposed free trade agreement that is under discussion between India and the Eurasian Economic Union.

"The discussions today also focused considerably on the proposed free trade agreement that is under discussion between India and the Eurasian Economic Union, which is again expected to help address the issue of the trade deficit," Misri said during the MEA presser.

Misri highlighted that both sides agreed to fast-track negotiations to reach an early conclusion within the stipulated timelines.

He pointed out that the terms of reference for the agreement had already been finalised and signed during the recent visit of External Affairs Minister S Jaishankar to Moscow in November.

"It was agreed between the two sides that negotiations should be fast-tracked for early conclusions within the stipulated timelines. The terms of reference for this agreement had in fact been finalised and signed during the visit, just a few weeks ago, of the External Affairs Minister to Moscow," Misri stated.

The Foreign Secretary further explained that the visit also addressed other key areas of economic cooperation. "During the current visit, both sides also underscored the importance of extraditing the discussions at the negotiations on the bilateral investment treaty, which again will help energise investment in both directions," Misri said.

"In addition to this, connectivity initiatives were also discussed, including the International North-South transport corridor...These corridors, again, are expected to energise economic linkages, reduce transit times and expand our trade access across Eurasia and beyond," Misri added.

A joint statement titled 'India-Russia: A Time-Tested Progressive Partnership, Anchored in Trust & Mutual Respect' issued by the two sides reads: "The leaders appreciated the ongoing intensification of the joint work on a free trade agreement on goods between India and the Eurasian Economic Union covering sectors of mutual interest. They also directed both sides to intensify efforts in negotiations on a mutually beneficial agreement on the promotion and protection of investments."

- ANI

Share this article:

Reader Comments

P
Priya S
Good news! The International North-South corridor could be a game-changer for logistics. Reducing transit times means lower costs for our exports. My only concern is ensuring our small and medium enterprises (SMEs) are prepared to compete and benefit from this agreement, not just the big corporations.
R
Rohit P
Time-tested partnership indeed. In these uncertain global times, strengthening ties with old friends like Russia makes sense. The focus on reducing the trade deficit is key. We import a lot of defence and energy items, so getting better market access for our pharmaceuticals, IT services, and textiles is a must.
S
Sarah B
While economic cooperation is positive, I hope the negotiations are transparent and the final agreement is made public for scrutiny. Free trade deals can sometimes hurt local industries if not structured carefully. Due diligence is important.
V
Vikram M
Fast-tracking is good, but let's not rush and compromise on quality. The bilateral investment treaty is equally important to protect Indian investments abroad. Overall, a step in the right direction for a multi-aligned foreign policy. Jai Hind!
K
Kavya N
Exciting to see connectivity initiatives getting attention! Better trade routes mean more opportunities. Hope this creates jobs and brings down prices for consumers here. 🤞 The terms being finalized already is a promising sign of progress.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50