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India and the Eurasian Economic Union (EAEU) have signalled their plans to begin negotiating the terms of a free trade agreement (FTA) between the two economic entities that could help stimulate an increased flow of food products.
According to a press release issued by the Eurasian Economic Commission (EEC), a joint declaration on the commencement of talks toward achieving an EAEU/India FTA was signed in early June by representatives of the EEC and the State Minister of Industry and Trade of India. The declaration follows a study completed in 2016 showing the liberalisation of trading between the EAEU and India could increase economic turnover by 30-40 percent, depending on the extent of tariff liberalisation.
The EAEU is an economic union of northern Eurasia states that was established in 2014. EAEU members currently include Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.
The EEC predicts that the FTA with India would help increase agricultural product exports from EAEU countries to India, including cereals, vegetables and vegetable oils, and beverages such as bottled mineral water.
The EAEU press release regarding the negotiation of a free trade agreement between the EAEU and India is available here.
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