Russia reaffirms commitment to FTA between India & EEU

Russia’s First Deputy Prime Minister Denis Manturov on Tuesday reiterated his country’s firm commitment to a Free Trade Agreement (FTA) between the Eurasian Economic Union (EEU), an economic bloc of five post-Soviet countries, and India while External Affairs Minister S Jaishankar said the economies of the two countries will benefit from the trust and confidence built over many years.

The ministers from the two countries were speaking at the 25th Session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation held here.

Mr Manturov highlighted the significant progress in bilateral trade between the two countries while emphasising the potential for further growth. He stressed the importance of enhancing collaboration through large-scale congress and exhibition events in both countries, which he said would “allow to rhythmically expand the growth rates of trade turnover in accordance with fashion.”

Pointing to the impressive trajectory of trade relations, he said, “Here I would like to point out the stable positive dynamics, and over the last five years, trade turnover of our country has grown more than fivefold. India is now the second country among all the foreign economic partners of Russia.” He noted that this positive trend has continued in 2024, with a nine per cent increase in trade turnover in the first eight months compared to last year.

Source: msn