Moscow hopes the free trade agreement (FTA) between the Eurasian Economic Union (EAEU), which Russia is part of, and India will be finalized ahead of schedule in 2020, Russian Ambassador to India Nikolai Kudashev said on Monday
NEW DELHI (Pakistan Point News / Sputnik - 23rd December, 2019) Moscow hopes the free trade agreement (FTA) between the Eurasian Economic Union (EAEU), which Russia is part of, and India will be finalized ahead of schedule in 2020, Russian Ambassador to India Nikolai Kudashev said on Monday."In 2020, we are hopeful about an early conclusion of the Free Trade Agreement between the Eurasian Economic Union (EAEU) and India, and a next round of the Russian-Indian Strategic Dialogue that will focus on transport; agriculture; small- and medium-sized enterprises; industrial collaboration and digital transformation; and further extension of the use of national currencies in trade," Kudashev told reporters during his annual press conference.
The diplomat stressed that Russian President Vladimir Putin and Indian Prime Minister Narenda Modi would meet several times in the coming year, including during the annual Victory Day Parade in Moscow in May, the annual bilateral summit in India, as well as Shanghai Cooperation Organization (SCO) and BRICS summits that will be hosted by Russia in 2020.
"The [bilateral] summit and upcoming intense ministerial-level discussions will present opportunities for making new solid steps in bilateral trade; on investment, energy, defense, space, science and technology, innovation, diamonds, the film industry, culture and tourism; as well as in inter-regional cooperation," Kudashev said.
Speaking about the prospects of bilateral cooperation, the Russian diplomat underlined potential in cross-sector cooperation, further joint military exercises, promotion of energy cooperation and plans to reestablish the direct Vladivostok-Chennai maritime route.
"We will continue our defense cooperation based on mutual commitment to timely and successful implementation of contracts exceeding $14.5 billion as well as the Inter-Governmental Agreement aimed at pushing forward the joint development and production of military equipment and spare parts. We move to a great scope of localization of production � up to 80 percent � with the possibility for third-party countries to enter," he said.
The EAEU is an international organization whose goal is to encourage regional economic integration through the free movement of goods, services and people within the union. The organization includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The boc and India launched FTA negotiations in early 2018.
