Russia Looking Forward to India Joining Eurasian Economic Union
Nikolay Kudashev, the Russian Ambassador to India has stated that Russia is looking forward to concluding a free trade agreement (FTA) with India and the Eurasian Economic Union (EAEU).
At a press conference in Delhi on December 23, 2019, Mr. Kudashev said, “In 2020 we are hopeful of an early conclusion of the FTA between the EAEU and India and the next round of the Russia-India strategic dialogue with a focus on transport, agriculture, and SME’s.”
The EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. It has a population of 183 million, roughly the same as Uttar Pradesh in India. EAEU has a GDP of about US$5 trillion per annum, and is geographically significant as it occupies territories between China and the European Union.
China also has a FTA with the EAEU, however details on product tariffs are still being worked out. Other countries with a FTA with the EAEU include Vietnam, Iran, Serbia, and Singapore. Other Asian and European countries are also interested in joining with negotiations already underway.
If an FTA were signed, it would provide Indian companies with access to the Russian and EAEU markets, and vice-versa.
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- EAEU-India Free Trade Zone: Initial negotiations eye improved access to new markets
- How Russian Manufacturers Can Access China, India and The EU Markets Via The EAEU Free Trade Agreements