India and the Moscow-backed Eurasian Economic Union will begin trade talks this year, a Russian official said, at a time when the South Asian nation is also pursuing ambitious trade deals with the US and the European Union.
“Negotiations on the free trade agreement should start this year,” said Russian Trade Commissioner to India Andrey Sobolev at an event in New Delhi on Monday.
The Eurasian Economic Union comprises Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia. A trade agreement with the bloc would give the world's fastest-growing economy access to a resource-rich region, while also creating opportunities for Indian exports such as electronics and engineering goods.
It would also allow the world's most populous country to counter China's growing influence in the region.
The group is working to establish a “common financial market, independent payment infrastructure and stable settlements between Eurasian enterprises,” said Sobolev.
Moscow and New Delhi first discussed a potential trade agreement with the bloc in July last year, shortly before Indian Prime Minister Narendra Modi's visit.
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