India is a huge marke for EAEU companies

_ EEC. Moscow, 1 March 2019.

The Chairman of the EEC Board Tigran Sargsyan and the Ambassador Extraordinary and Plenipotentiary of the Republic of India to the Russian Federation D. Bala Venkatesh Varma met at the headquarters of the Eurasian Economic Commission (EEC).

“The economic development of India is really impressive. We believe that this steady growth will qualitatively change the country’s position in the world economy. Moreover, India is a huge market, and our companies would like to achieve a strong position there. We are also interested in the higher business activity of Indian entrepreneurs in the EAEU markets,” – Tigran Sargsyan said. Therefore, we should reach an agreement. According to the Chairman of the EEC Board, the parties are ready to get a dialogue under way, including as to the signing of the Free Trade Area Agreement between India and the EAEU Member States.

Tigran Sargsyan also noted the current necessity of involving business more actively in the discussion of projects to increase trade and economic cooperation between the countries.

During the meeting, the Indian Ambassador stressed that the Indian side is interested in the early conclusion of the Agreement with the EAEU. Venkatesh Varma said that India had established a very dynamic and positive interaction with all the EAEU countries, and institutionalizing such relations at the supranational level would contribute to the growth of trade and economic contacts.

The Chairman of the Board Tigran Sargsyan said that in order to encourage the talks of the parties some additional platforms for dialogue between business communities can be created. Nowadays such a platform can be the Eastern Economic Forum, which will be held in September this year in Vladivostok with the participation of the Prime Minister of India Narendra Modi. The Ambassador of India supported this proposal and expressed his readiness to peruse the proposal together with the Indian side.

In 2018, the trade turnover between the EAEU countries and India increased by 17.7% compared to 2017, the India’s share in foreign trade decreased by 0.02 p.p. In 2018, the increase in trade with India was noted in all EAEU Member States. The highest growth rates of trade turnover are typical for Armenia (58%) and Kazakhstan (26.5%), the lowest – for Belarus (3.9%). The trade volume between Kyrgyzstan and Russia and India increased by 15.2% and 17.3%, respectively.

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