India-Russia talks focus on free trade agreement with Eurasian Economic Union

Prime Minister Narendra Modi and Russian President Vladimir Putin during a meeting, in New Delhi.

Foreign Secretary Vikram Misri said that Prime Minister Narendra Modi and President Vladimir Putin also discussed the proposed free trade agreement that is under discussion between India and the Eurasian Economic Union.

"The discussions today also focused considerably on the proposed free trade agreement that is under discussion between India and the Eurasian Economic Union, which is again expected to help address the issue of the trade deficit," Misri said during the MEA presser.

Misri highlighted that both sides agreed to fast-track negotiations to reach an early conclusion within the stipulated timelines.

He pointed out that the terms of reference for the agreement had already been finalised and signed during the recent visit of External Affairs Minister S Jaishankar to Moscow in November.

"It was agreed between the two sides that negotiations should be fast-tracked for early conclusions within the stipulated timelines. The terms of reference for this agreement had in fact been finalised and signed during the visit, just a few weeks ago, of the External Affairs Minister to Moscow," Misri stated.

The Foreign Secretary further explained that the visit also addressed other key areas of economic cooperation. "During the current visit, both sides also underscored the importance of extraditing the discussions at the negotiations on the bilateral investment treaty, which again will help energise investment in both directions," Misri said.

"In addition to this, connectivity initiatives were also discussed, including the International North-South transport corridor...These corridors, again, are expected to energise economic linkages, reduce transit times and expand our trade access across Eurasia and beyond," Misri added.

A joint statement titled 'India-Russia: A Time-Tested Progressive Partnership, Anchored in Trust & Mutual Respect' issued by the two sides reads: "The leaders appreciated the ongoing intensification of the joint work on a free trade agreement on goods between India and the Eurasian Economic Union covering sectors of mutual interest. They also directed both sides to intensify efforts in negotiations on a mutually beneficial agreement on the promotion and protection of investments."