India Begins Groundwork For FTA With Russia-Led Eurasian Bloc

New Delhi, Apr 3 (KNN) India has initiated the groundwork for a potential free trade agreement (FTA) with the Russia-led Eurasian Economic Union (EEU) bloc, aiming to bolster economic ties and provide greater market access for its goods and services.

Senior officials from India and the five-nation EEU - comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia - held detailed discussions on March 28 to formally kick-start negotiations for the proposed trade pact, an official revealed, reported ET.

"Senior officers of both sides have met on March 28 here and have discussed formally starting talks for the FTA," the official stated, adding that two feasibility studies have already been conducted on the proposed agreement.

Such free trade agreements typically involve either eliminating or significantly reducing customs duties on the maximum number of goods traded between the partner countries/blocs. This mechanism is expected to provide Indian exporters enhanced market access across the Eurasian region.

The move to pursue an FTA with the EEU bloc comes on the heels of India signing a similar trade pact with the European Free Trade Association (EFTA), whose members include Iceland, Liechtenstein, Norway, and Switzerland.

(KNN Bureau)