Moscow confirms India considering free trade zone with Eurasian Economic Union
India has proposed creating a free trade zone with the Eurasian Economic Union of Russia, Kazakhstan, Belarus and Armenia, said Alexey Pushkov, head of the International Committee of Russian State Duma.
"The question was raised by India, which is now considering a free trade agreement with the Eurasian Economic Union. This is a new level in our relationship. The possibility is being discussed," he told reporters Friday during an official visit to New Delhi.
On Thursday TASS reported that India will start negotiating a comprehensive free trade agreement with the Customs Union of Russia, Belarus and Kazakhstan within the next six months.
READ MORE: India to negotiate free trade zone with Russia-led Customs Union
The Eurasian Economic Union of Armenia, Belarus, Kazakhstan and Russia started functioning in January 2015.
READ MORE: Russia, Belarus, Kazakhstan sign ‘epoch' Eurasian Economic Union
The organization was created on the skeleton of the Customs Union of Russia, Kazakhstan and Belarus is aimed at improving regional economic cooperation. The group has a population of 171 million people and a GDP of nearly $3 trillion. In the near future the union is expected to be joined by Kyrgyzstan.
China has also said it is willing to join a free trade zone with Eurasian Economic Union.
READ MORE: China and Russia-led Eurasian Economic Union may set up free trade zone
