Russia India Free Trade Agreement

Founded in 2015, EAEU is a free trade bloc comprising Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan. The union has a market of 183 million people and a total gross domestic product of more than $1.9 trillion. The two governments have jointly developed an economic strategy that involves using a range of economic components to increase future bilateral trade. These include the development of a free trade agreement between India and the EU, a bilateral treaty on investment promotion and protection, a new economic planning mechanism integrated with IRIGC, the consolidation of customs procedures, and new long-term agreements to expand energy trade, including nuclear, oil and gas trade. [45] [46] Finally, long-term supplier contracts in key sectors such as oil, gas and rough diamonds. Companies such as Rosneft, Gazprom, Essar and Alrosa will be long-term suppliers. [46] The Eurasian Economic Union, composed of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, has concluded the following free trade agreements, see below. While Russia also wants to spark China`s interest in the EAEU, Moscow wants to keep Beijing at bay for now. China signed a trade agreement with the EAEU in May 2018, but contrary to the agreement under discussion with India, it is not preferential, meaning it does not eliminate tariffs. List of agreements being negotiated. Agreements that have so far been discussed only in the absence of formal action by the parties concerned are not mentioned. “We hope for a speedy conclusion of the EEU-India free trade agreement and the next round of strategic Russian-Indian economic dialogue focused on transport, agriculture, small and medium-sized enterprises,” Kudachev said.

A possible EAEU-India agreement is part of an advance by Moscow and New Delhi to increase bilateral trade to $30 billion by 2025. Experts say such an agreement could help Russia establish itself as an important trading partner for India for the first time since the collapse of the Soviet Union. The Russian Rossotrudnichestvo Representation (MMR) founded five Russian Science and Culture Centres (RCSC) in India in 1965, including New Delhi, Mumbai, Calcutta, Chennai and Trivandrum. [98] THE director of the MMR and director of RCSC, Fyodor Rozovsky, expects the cultural ties between the two countries to develop. [98] He and other officials also expect that the number of Indian students studying in Russia will increase as soon as the two countries sign an agreement on joint recognition of university degrees. [99] [100] [101] There is a Hindi department at Moscow University with five indology chairs in Moscow, St. Petersburg, Kazan and Vladivostok. It is a list of free trade agreements between two parties in which each party could be a country (or another customs territory), a trade bloc or an informal group of countries. The Modi government noted that trade deficits and the impact of the RCEP on Indian service employees and farmers were at the end of the agreement. But the restoration of economic relations is not Russia`s only motive.

Convincing India to sign an agreement with the EAEU would help Moscow increase the bloc`s status by showing that global economic heavyweights are taking it seriously, said Artjom Lukin, a professor of international relations at the Federal University of the Far East in Vladivostok. At the end of December, Nikolay Kodchev, the Russian ambassador to India, said in Moscow that he hoped that New Delhi and EAEU would sign a free trade pact in the next year. The north-south corridor is the sea, rail and road route for freight transport between India, Russia, Iran, Europe and Central Asia. The line mainly includes freight transport from India, Iran, Azerbaijan and Russia by boat, rail and road. [73] The aim of the corridor is to increase trade links between major cities such as Bombay, Moscow, Tehran, Baku, Bandar Abbas, Astrakhan, Bandar Anzali, etc. [74] In 2014, two dry roads were