Russia, India Ready To Proceed With Eurasian Free Trade Negotiations
Indian Prime Minister Narendra Modi is visiting St.Petersburg on 1st and 2nd June and is expected to formalize the proposed Free Trade Agreement between the Eurasian Economic Union and India. Modi is due to meet Russian President Vladimir Putin with both sides having said they have completed a joint feasibility study into the FTA. Negotiations over terms will then commence from July 1st. Several countries have expressed interest in having a FTA with the EAEU, including China as well as India, and the India FTA when agreed is expected to triple on-going trade volumes between India and the EAEU nations by 400%. Current Indian trade with the EAEU is about USD11billion.
Modi is also expected to push hard to early completion of the proposed INSTC Corridor, which will also link India with Russia and will be highly influential in ensuring the success of an India-EAEU FTA.
Indian trade with Russia has already been growing and the two nations have invested in a joint development fund, mainly centred on IT. Both are members of the Shanghai Co-Operation Organisation, with India due to formally enter the body at the SCO annual meeting to be held in Kazakhstan in July.
Both Russian businesses interested in India, and Indian businesses interested in Russia may contact Dezan Shira & Associates asia@dezshira.com for assistance with the practice having offices in Delhi and Mumbai as well as Moscow and St.Petersburg as part of the firms overall Asian footprint.
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Silk Road Briefing is published by Asia Briefing, a subsidiary of Dezan Shira & Associates. We produce material for foreign investors throughout Eurasia, including ASEAN, China, India, Indonesia, Russia & Vietnam. For editorial matters please contact us here and for a complimentary subscription to our products, please click here.
Dezan Shira & Associates provide business intelligence, due diligence, legal, tax and advisory services throughout the Asian and Eurasian region. We maintain offices throughout China, South-East Asia, India and Russia. For assistance with OBOR issues or investments into any of the featured countries, please contact us at silkroad@dezshira.com or visit us at www.dezshira.com
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