New Delhi, Dec 28 (KNN) India is poised to commence trade negotiations with the Eurasian Economic Union (EEU) bloc in January for a potential free trade deal, announced External Affairs Minister S Jaishankar on Wednesday.

Following extensive discussions with his Russian counterpart Sergey Lavrov as part of the annual India-Russia bilateral engagements, Jaishankar emphasised the significant focus on trade, investments, and logistics during their talks

The EEU comprises five post-Soviet states—Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia—forming an integrated single market since its inception in 2015.

With a current population of 183 million people and a Gross Domestic Product (GDP) exceeding USD 2.4 trillion, an agreement with this bloc would grant Indian goods access to the lucrative Central Asian consumer market.

Additionally, it would solidify the expansion of Indian products in Russia, particularly in the wake of Western brands and goods facing challenges after Russia's actions in Ukraine last year.

The ministerial meeting also delved into discussions on mutual investments, emphasising the necessity to progress on a bilateral investment treaty, as highlighted by Jaishankar.

He underscored that both nations explored "long-term arrangements" to ensure the continuous flow of fertilisers and coking coal.

(KNN Bureau)