A wide range of business opportunities seen by SPIEF.

India is set to launch negotiations for a Free Trade Agreement (FTA) with governments of the Eurasian Economic Union (EAEU) member countries to boost trade.

There is a need to promote connectivity between India and the EAEU region and the International North South Transport Corridor would be extremely critical for this purpose, said Ramesh Abhishek, Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry.

Abhishek also highlighted the role being played by the “Green Corridor” in promoting trade facilitation between India and Russia.

He felt that this Corridor could be extended to the other EAEU countries in due course.

India’s trade with the EAEU Region is barely US$8.4 billion and this is well below potential,

It is for this reason that India and the EAEU had decided to set up a Joint Feasibility Study Group on the India – EAEU FTA at SPIEF in 2015.

This report has since been finalized and accepted by the Government of India and governments of the individual EAEU countries following which negotiations on the FTA are to be launched.

Abhishek spoke at a session on ‘Eurasian Economic Union (EAEU) – India: A Strategic Partnership’ organized as a part of the St. Petersburg International Economic Forum (SPIEF) during Prime Minister Narendra Modi’s visit to Russia.

Veronika Nikishina, Minister for Trade, Eurasian Economic Commission, said the FTA with India would be second of its kind that grouping has agreed so far, the first being one with Vietnam.

This demonstrates the importance being placed on India by the EAEU, Nikishina stressed.

Shobana Kamineni, President, CII, noted that a strong FTA between India and the EAEU will help strengthen the India–EAEU strategic Partnership.

Chandrajit Banerjee, Director General, CII, stated that the potential India EAEU FTA is just one part of the strategic partnership. It will provide a foundation for further deepening of ties between India and members of the EAEU.

Panelists at the session highlighted the opportunities that would open up in areas such as infrastructure development, energy, pharmaceuticals, banking and finance, IT and transportation among others. fii-news.com