Negotiations for FTA between India, Eurasian Economic Union to resume in January: Jaishankar

Moscow [Russia]: Appreciating the India-Russia trade, which is at an all-time high, External Affairs Minister S Jaishankar said that the negotiations for a Free Trade Agreement between India and the Eurasian Economic Union will resume in January next year. The Eurasian Economic Union is an economic union of five post-Soviet states located in Eurasia. The five member nations are; Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.

The External Affairs Minister said that the relationship between New Delhi and Moscow remains very steady, and strong and is based on strategic convergence on geopolitical interests.

The EAM was addressing a joint press conference with his Russian counterpart Sergey Lavrov in Moscow on Wednesday.

“We have had a very good session of talks and today, what really came out was India-Russia relationship remains very steady, very strong. They are based on strategic convergence on geopolitical interests and because they are mutually beneficial,” Jaishankar said.

He added, “We spent a lot of time discussing political cooperation, with regards to a lot of international issues including international organisations like BRICS of which Russia will be the President, SCO”.

Speaking on bilateral cooperation, Jaishankar appreciated the fact that the India-Russia trade is at an all-time high and crossed 50 billion USD last year.

“What is important is that this trade is more balanced, sustainable, and provides for more market access,” he added.

Jaishankar further said that New Delhi is expecting a delegation from the Far East to participate in an important conference in India next month.

“We discussed mutual investments, and the need to progress on a bilateral investment treaty. We spoke about Railways yesterday. We have agreed that the agreements between India and the Eurasian economic union for a Free Trade Agreement would be resumed in the second half of January this year,” he informed.

The EAM also announced that New Delhi is looking to expand its investments in oil and gas in which the two countries enjoy a very substantial relationship.

Jaishankar said that amendments have been signed to take the Kudankulam nuclear power project forward. He added that the two leaders also spoke about connectivity from the North-South transport corridor.

“On energy, today we have a very substantial relationship both in terms of Indian investments in Russia in oil and gas which we are seeking to expand. Also in nuclear, yesterday we signed two important amendments which will take the Kudankulam nuclear power project forward,” Jaishankar said.

He added, “We also spoke about connectivity from the North-South transport corridor. Also, connectivity from Western India through the international south transport corridor, connectivity from Eastern India, Chennai to Vladivostok and the polar route. We discussed various related areas where India’s polar capabilities could be enhanced in collaboration with Russia”.

The two leaders also spoke about international issues like the conflict in Ukraine, Gaza, the Indo-Pacific ASEAN, Afghanistan and UN-related matters.