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A Free Trade Area Agreement between the EAEU and India will contribute to the growth of the economies of the Union countries with the rates higher than the average ones

A Free Trade Area Agreement between the EAEU and India will contribute to the growth of the economies of the Union countries with the rates higher than the average ones

6/2/2017

This was stated by the Chairman of the Board of the Eurasian Economic Commission (EEC), Tigran Sargsyan, during negotiations with the Prime Minister of India, Narendra Modi. Tigran Sargsyan stressed that the Heads of all the five Union Member States had expressed their strong desire to strengthen trade relations with India and develop various forms of economic interaction. The most important step would be signing of a Free Trade Area (FTA) Agreement between the countries of the Eurasian Economic Union (EAEU) and India. The meeting was attended by the Member of the Board — Minister in charge of Trade of the EEC, Veronika Nikishina.

"Over the years, India has demonstrated the constantly growing technological and industrial potential, stable high rates of economic development," Tigran Sargsyan said. “The EAEU Member States also faces the challenge to find reserves for the growth of their economies. Partnership with India could be an important advantage for our integration association.” In particular, the total turnover growth of the Union countries  in the case of concluding a FTA agreement could reach 20% already in the short term. The experts of the Commission expect export growth from the Union countries to India of a wide range of goods – from agriculture to complex engineering products, petrochemicals, vehicles and a number of others.

The Prime Minister of India noted that trade and economy today played a key role in international relations. Therefore, deepening economic contacts with the traditional partners of India such as the EAEU states will contribute not only to the growth of trade turnover, but also to the strengthening of relations between our countries, as well as stability in the region.

During negotiations, the parties noted that the experts that analyze the opportunities for collaboration in the format of a FTA should find resources for the transition to a qualitatively new level in mutual trade.

Narendra Modi confirmed that India was ready to provide any necessary assistance in the preparation of the FTA Agreement. According to the Indian side, right now there is an opportunity to create a road map and identify growth drivers for interaction in the economic area.

Already operating joint expert group will get new opportunities and all necessary powers for further negotiations. On behalf of the Commission, the work will be coordinated by the Member of the Board - Minister in charge of Trade of the EEC, Veronika Nikishina. The State Minister of Industry and Trade of India, Nirmala Sitharaman, for India.