India, Russia-led Eurasian bloc to begin negotiations on FTA soon
- December 28, 2023
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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India, Russia-led Eurasian bloc to begin negotiations on FTA soon
Subject : IR
Section: Groupings
Context: India, Russia-led Eurasian bloc to begin negotiations on FTA soon
More about the news:
- India and the Eurasian Economic Union (EaEU), led by Russia, are poised to initiate negotiations on a free trade agreement (FTA) aimed at bolstering India’s exports to the region, particularly in engineering goods, electronics, and agriculture.
- During a meeting in Moscow, External Affairs Minister S Jaishankar and Russian Deputy Prime Minister Denis Manturov discussed enhancing India’s engagement with the Russian Far East and affirmed plans for FTA negotiations.
- Discussions on the FTA between India and the EaEU, comprising Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan, began in early 2020 but were delayed due to the Covid-19 pandemic.
- Despite recent resumed talks, negotiations are still pending.
Some facts about Eurasian Economic Union (EaEU):
- The Eurasian Economic Union (EEU) is an economic union of states located primarily in Northern Eurasia.
- The Eurasian Economic Union consists of five member states : Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia.
- It was formed in
- The EEU aims to optimize the flow of goods and services among its member nations by coordinating policies and regulations, thereby creating a single economic space.