EAEU countries:

24.12.2020

The Eurasian Economic Commission Trade Bloc held a conference on the prospects for the development of trade and economic cooperation with India. The opportunities that open up in the case of a free trade agreement are presented.  

The talks focused on a significant amount of government programs for the development of industry and initiatives in the field of ecology and the development of new technologies in India. This figure in total exceeds USD 100 bln.

"According to our estimates, a tangible economic effect for the countries of the Eurasian Economic Union will arise when a Trade Agreement with a broad product coverage is concluded," said Andrey Slepnev, Member of the Board – Minister in charge of Trade of EEC. "Along with the priority products that are already being delivered to the Indian market, we will promote new export products – environmentally friendly vehicles, components for the assembly of railway equipment and the implementation of smart city projects, and virus protection products."

"Projects in the field of transport, energy, metallurgy, chemical industry, and waste processing also offer wide opportunities for participation. Deliveries of aircraft and shipbuilding products will be important," the Press Service of EEC reported.  

At the same time, it is noted that without an actual presence in the Indian market, bringing products to the final consumer is a difficult and not always feasible task due to the peculiarities of the market.

"India is a challenging market. But the one who builds work on it on a systematic project basis, achieves results. You, of course, need to be in the market, you need to communicate, and you need to keep in touch. And during the discussion, we were once again convinced that the tactics of trade negotiations and the formation of systemic trade conditions in parallel with the development of a specific list of projects, stimulating business contacts are the most sound. The EEC, together with the EAEU Member States, will intensify work on the formation of such a list of projects that will be promoted in parallel with the negotiations on the formation of the FTZ. And those comments concerning the interest in specific industries, the reduction of duties, the formation of other systemic conditions, all this is fixed, and will definitely be used in the course of further work," concluded the EEC Minister for trade.

Negotiations with India on the conclusion of a Preferential Agreement are conducted in accordance with the Resolution of the Supreme Eurasian Economic Council No.14 dated December 29, 2016 "On the beginning of negotiations with the Republic of India on the conclusion of a Free Trade Zone Agreement".

 


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