The Eurasian Economic Commission and India started legal negotiations about free trade agreement
Mutual application for legal negotiations beginning was submitted at June 3, 2017 during St.Petersburg International Economic Forum. The research group, which included professionals from member EurAsEC countries and India, finished its work in 2016. It aimed to estimate practicability of potential free trade agreement. The estimations promised increased GDP in all EurAsEC countries and India, as well as increase in commodity circulation by 30-40 %.
Veronika Nikishina, the representative of EurAsEC side, notifies about the beginning of new level in cooperation between member countries and India, which will lead to higher market competition and stronger motivation for business communication in all economic spheres. India is also very interested in signing the agreement. Legal negotiations are going to cover multiple topics: customs management, security and protection of intellectual property rights, reduction of tariff and non-tariff barriers and other important issues. Tariff reduction will lead to increased export of agricultural products from EurAsEC countries to India. This notion relates to numerous product categories, such as oils, vegetables, mineral water, fertilizers, vehicles, salt, chemicals and many other categories.