CURRENT AFFAIRS
CURRENT AFFAIRS
Description
India and the five-member Eurasian Economic Union (EaEU), led by Russia, are expected to start negotiating a free trade agreement (FTA) soon. This proposed agreement aims to increase India's exports to the EaEU countries, particularly in sectors such as engineering goods, electronics, and agriculture.
Regarding The EEU
The Eurasian Economic Union (EEU) is an economic union composed primarily of states in Northern Eurasia. It was established by a treaty signed in 2014 to ensure free movement of goods, services, capital, and labor among member countries. Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan are the EEU's founding members.
The History Of FTA Talks
The India-Eurasian Union FTA negotiations began in early 2020 but stopped due to the COVID-19 pandemic. The two sides have resumed talks in recent months. However, formal FTA negotiations have yet to begin. To move the talks forward, both parties have exchanged draft texts and terms of reference.
India is eager to begin FTA talks as soon as possible because its trade deficit with Russia has grown significantly since the Russia-Ukraine conflict erupted in February 2022. With India importing discounted Russian oil in large quantities, India's trade deficit with Russia will balloon to more than $43 billion in 2022-23. An FTA would help India increase its exports to Russia and close the trade gap.
Essential Details
The proposed India-Eurasian Union FTA is expected to boost India's exports of engineering goods, electronics, agricultural products, and telecommunications equipment to Russia and other Eurasian countries. India's agricultural and engineering exports to Russia have increased moderately until October 2023. However, due to Western sanctions on such sales to Russia, exports of electronics and telecommunications equipment have suffered.
The Eurasian Economic Union, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, has a combined GDP of around $5 trillion. An FTA would give Indian goods and services preferential access to these markets. India is also keen to expand its engagement with Russia's resource-rich Far East region. Improving connectivity corridors across land and sea routes could further boost bilateral trade.
Recent Events
Dr. S Jaishankar, India's External Affairs Minister, and Denis Manturov, Russia's Deputy Prime Minister, met in Moscow on December 27, 2023, to discuss the start of FTA negotiations between India and the Eurasian bloc. According to Dr. Jaishankar, both parties have finalized a cooperation program for the Russian Far East region. He also stated that India expects to hold an early meeting of both sides' FTA negotiators.
Welcome to Notopedia.com, your free learning platform that caters to the diverse needs of students and aspirants across a spectrum of entrance exams and educational endeavors. Whether you're preparing for highly anticipated exams like CAT 2023, NEET 2023, JEE Main, or bank job vacancies, our platform offers a wealth of resources to guide you towards success. Stay up-to-date with the latest exam dates, announcements, and results for various government recruitment exams, including SSC CGL, CHSL, NDA, and UPSC. Explore comprehensive study materials, sample papers, and exam patterns to hone your skills and boost your confidence. From important dates like CBSE Class 10 and 12 date sheets to exam-specific information like JEE Main 2023 application form date, we cover it all. Notopedia.com is your go-to source for everything from admissions and admit cards to scholarships and college information. Whether you're aiming for a career in defense, government, banking, or higher education, our free learning platform equips you with the knowledge and resources you need to excel. Join us in your educational journey and unlock a world of opportunities, guidance, and comprehensive support.
For more Updates and Information - Visit Notopedia's Bulletin Board
For Latest Sarkari Jobs - Visit Notopedia's Sarkari Jobs Section
For access to more than 20,000 Colleges - Visit Notopedia's College Section
For School Studies and Exams Preparation across 14 Boards - Visit Notopedia's School Section
For Comprehensive Preparation of Sarkari Job Exams - Visit Notopedia's Sarkari Exams Section
