Talks On FTZ Between EAEU, India In Early 2022

Trade & Policy

Talks On FTZ Between EAEU, India In Early 2022

India and the Eurasian Economic Union (EAEU) have completed preliminary expert consultations of formation of a free trade zone, the countries will start talks on concluding a free trade agreement in early 2022, Russian Foreign Minister Sergey Lavrov said. He was speaking after talks with Indian Foreign Minister Subrahmanyam Jaishankar and Russian-Indian consultations in the 2+2 format of the defense ministers and foreign ministers of the two countries. According to Lavrov, at the meeting, the parties noted the completion of preliminary consultations between the EAEU and India on the creation of a free trade zone. "Everything is completely ready for the start of negotiations on concluding a free trade agreement. I think that if a Covid problem does not interfere, it will take place early next year," the Russian top diplomat said. The Eurasian Economic Union, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, has already signed free trade agreements with Vietnam and Singapore, as well as an interim agreement with Iran. Free trade zones are also being negotiated with Egypt and Israel. Russia is India's largest trading partner among the EAEU countries.