India, Russia to talk FTA, ways to up bilateral trade


India, Russia to talk FTA, ways to up bilateral trade

Trade ministers of India and Russia are expected to chalk out a road map for signing of a free trade pact the Eurasian Economic Union and take up issues to boost bilateral trade at a meeting here tomorrow. The Eurasian Economic Union includes Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan.

Commerce and Industry Minister Nirmala Sitharaman and her Russian counterpart Denis Manturov are slated to address the India-Russia Business Forum after inaugurating the International Engineering Sourcing Show (IESS). The ministers are expected to take stock of the report of the joint study group on the feasibility of a free trade agreement (FTA) between the India and the Eurasian Economic Union (EAEU) and decide on the timeframe for bilateral negotiations and components of the proposed pact.

The two sides may also take up the issue of mutual market access for agricultural and processed food products, including dairy products and bovine meat, to widen the range of products for bilateral trade.Several measures, including an agreement on a free trade zone between the EAEU and India, is expected to help increase the bilateral trade with Russia to USD 30 billion by 2025, which stood at USD 6.17 billion in 2015-16.

India is slated to showcase its technological and engineering prowess to top international firms at the IESS. The 3-day event, beginning March 16, is being organised by engineering exporters’ body EEPC India and is likely to see participation from 400 top global exhibitors and over 500 foreign delegates.  Read More…

 

Credit By : Financialexpress.com

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