New Delhi, Jul 10 (UNI) Russia and India must sign updated investment protection agreement ahead of trade and investment cooperation agenda by 2030, Russian minister for Foreign Affairs Sergey Lavrov.
Russia and India have also completed their work on some other documents “capable of really taking interaction to a new level”, before approving the program, Lavrov said after talks with Foreign Minister Subrahmanyam Jaishankar in Moscow on Friday.
The Russian government also wants to start the negotiation process between India and the Eurasian Economic Commission on the free trade area, because a suitable working group already exists, he said.
“We are interested in starting talks between India and the Eurasian Economic Commission on the establishment of a free trade area as soon as possible.
We hope that the date for the first meeting will be fixed soon, ”Lavrov said, quoted by TASS.
The Eurasian Economic Union (EAEU) is a free trade agreement that came into being in 2015 to strengthen economic cooperation.
Its member countries include Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan Russia is India’s largest trading partner among EAEU countries, Bala Venkatesh Varma, Ambassador of India to Russia , said earlier that the creation of a free trade zone between India and the EAEU would see an immediate increase in trade turnover of around 25 percent.
Lavrov said: “The current mechanisms of the intergovernmental commission will develop further measures to stimulate trade, economic and investment cooperation” in the field of bilateral economic relations between Moscow and New Delhi,
“The good sign is that commercial turnover increased by almost 12% in the first four months. This trend should be reinforced in all respects,” Lavrov said.
India and Russia have already discussed ways to double trade to $ 30 billion by 2025. The two countries are looking to diversify the trade basket.
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