INSTC being popularized
The Indian industry has been urged to present views on engaging in opportunities in the Eurasian European Union which have agreed to start negotiations on a trading agreement.
Making the call Manish Prabhat, Joint Secretary, Eurasia, Ministry of External Affairs, sought industry’s input on business potential in Russia, Kazakhstan, Armenia, Belarus and Kyrgyzstan.
India and Eurasian Economic Union have agreed to start the negotiations on a trading agreement, he informed the industry at a webinar on defining a new paradigm in India Russia Relations during the era of COVID-19 which was held by ASSOCHAM on 27 May 2020.
Prabhat also told ASSOCHAM to encourage greater usage of the 7,200 International North-South Transport Corridor (INSTC), a cheaper way in terms of money as well as time, than what was being used earlier.
“We are trying to make this route more popular and I think ASSOCHAM should also think of something to make this route more popular among the industry,” he stressed.
The INTSC has expanded from three founder members to 14.
He also told ASSOCHAM to get industry views on Rupee-Ruble trade as well as exchange and settlement which would give a greater independence to bilateral trade.
Prabhat informed that talks will be held soon at the regular interaction between India and Russia through Inter-Governmental Commission which is chaired by India’s External Affairs Minister and the Russian deputy Prime Minister.
“We also have the Strategic Economic Dialogue which is going between NITI Aayog and the Russian side in which we look at the key sectors for cooperation,” said the Joint Secretary for Eurasia.
He also said that about the US$1 billion line of credit is being negotiated for the Russian Far East. fiinews.com
