India agrees for FTA with Belarus, Kazakhstan, Russia

[Srinivas]

India agrees for FTA with Belarus, Kazakhstan, Russia

India has already implemented similar pacts with countries like Singapore, South Korea and Japan

India today agreed to initiate an exercise for a free trade agreement between New Delhi and the customs union of Belarus, Kazakhstan and Russia to enhance economic ties.

"The sides agreed to work towards the creation of a Joint Study Group for studying the possibility of signing a Comprehensive Economic Cooperation Agreement (CECA) between India and the Customs Union of Belarus, Kazakhstan and Russia," a joint statement said.

The joint statement was issued after the 14th India-Russia Annual Summit meeting between Prime Minister Manmohan Singh and Russian President Vladimir Putin here.

The Customs Union between Russia, Kazakhstan and Belarus had formally came into existence few years back.

The three countries took their economic integration to a new level with the implementation of the common economic space which provides for free movement of goods, services and people.

Under CECA, two sides aim to significantly reduce duties on the maximum number of tradable goods besides liberalising norms for service and investments. It also aims at facilitating movement of professionals.

India has already implemented similar pacts with countries like Singapore, South Korea and Japan.

The statement also said that both the sides welcomed the increasing business interactions

Further, India and Russia underlined the significant potential for cooperation in sectors such as oil and gas, pharmaceutical, infrastructure, mining, automobiles, fertilisers, aviation, as well as in modernisation of industrial facilities located in the two countries.

The bilateral trade between India and Russia stood ast USD 6.52 billion in 2012-13.

India's exports to Russia include pharmaceuticals, coffee, tea, tobacco, processed fruits and cotton yarn while imports include mineral products, natural pearls, machinery and equipment and textiles.

India agrees for FTA with Belarus, Kazakhstan, Russia | Business Standard

 

[kurup]

India, Russia to work on FTA with Customs Union

New Delhi : With agreement to begin work on a free trade agreement (FTA) with the Customs Union (CU) - Belarus, Kazakhstan and Russia - India has asked Russia to steer the process within the Eurasian Economic Commission.

"Keeping in view of the support of the Russian side on the idea of setting up a JSG (joint study group) for a CECA (Comprehensive Economic Cooperation Agreement or FTA) between India and the CU, the Russian side was requested to steer the process within the Eurasian Economic Commission," said a statement by India's commerce ministry following a meeting here between Commerce Minister Anand Sharma and Russian Deputy Prime Minister Dmitry Rogozin.

The Eurasian Economic Commission is the permanent regulatory agency of the Customs Union and the Eurasian Economic Community.

The Customs Union formally came into existence in 2010 with the implementation of the common economic space that provides for free movement of goods, services and people.

Under the CECA, the two sides aim to reduce duties on the maximum number of tradable goods, besides liberalising norms for service and investments. The CECA would also facilitate the movement of professionals.

Some Indian products have cleared market access issues in the Custom Union, the statement added.

"The Russian side also conveyed the resolution of issues pertaining to market access of egg powder. They informed that Indian entities have started getting the nod for export of egg powder for the Custom Union markets," the commerce ministry said.

"The Russian side also assured to expeditiously resolve the issue of recognition of government approved Indian labs for enabling export of bovine meat from India", it added.

Both sides also reviewed the progress of "identified priority projects" that include setting up an Indo-Russian company for manufacturing Ka-226T light helicopters and construction of a plant with 100,000 tons per annum capacity for making butyl rubber in Jamnagar, Gujarat.

The two countries have set a target of achieving bilateral trade of $20 billion by 2015.

Indian Defence News - India, Russia to work on FTA with Customs Union