India is to start negotiating a free trade agreement

India has proposed creating a free trade zone with the Eurasian Economic Union of Russia Kazakhstan, Belarus and Armenia, said Alexey Pushkov, head of the International Committee of Russian State Duma. "The question was raised by India, which is now considering a free trade agreement with the Eurasian Economic Union. This is a new level in our relationship. The possibility is being discussed," he told reporters Friday during an official visit to New Delhi. On Thursday TASS reported that India will start negotiating a comprehensive free trade agreement with the Customs Union of Russia, Belarus and Kazakhstan within the next six months.
The Eurasian Economic Union of Armenia, Belarus, Kazakhstan and Russia started functioning in January 2015. The organization was created on the skeleton of the Customs Union of Russia, Kazakhstan and Belarus is aimed at improving regional economic cooperation. The group has a population of 171 million people and a GDP of nearly $3 trillion. In the near future the union is expected to be joined by Kyrgyzstan. China has also said it is willing to join a free trade zone with Eurasian Economic Union.
Reuters / Jayanta Dey
February 27, 2015