EAEU continues dialogue on forming free trade area with India

On September 21, representatives of the EEC Trade Policy Department and the EEC Industrial Policy Department held a meeting with representatives of the Ministry of Trade and Industry of the Government of the Republic of India at the Eurasian Economic Commission's headquarters. The meeting addressed the issues of interaction between the parties, the work on entering into active negotiations on concluding a free trade agreement, as well as the prospects for deepening industrial cooperation.

"The trade turnover between the EAEU countries and India doubled at year-end 2022, and increased by another 90% in H1 2023 compared to the same period last year. Along with that, preliminary studies demonstrate significant benefits from concluding a free trade agreement for both the EAEU and India, including from the perspective of possible implementation of future joint projects. The business community of the Union countries actively supports the transition to preferential treatment as well," noted Vladimir Serpikov, Director of the EEC Trade Policy Department.

In turn, Manish Chadha, Joint Secretary of the Department of Commerce of the Ministry of Commerce and Industry of the Government of the Republic of India, stated that additional studies conducted by the Government of India, as well as discussions with the business community confirmed that concluding a trade agreement with the EAEU was of significant interest. Furthermore, the readiness to consider possible proposals of the EEC and the EAEU to deepen industrial cooperation was confirmed.