Eurasian Economic Commission: Russia pushes India’s entry into Eurasian Economic Union strengthening third country coop

Economy


NEW DELHI: Russia, ahead of Foreign Minister Sergey Lavrov’s visit to India this month, has stated that Russia has pushed for Delhi’s entry into the Eurasian Economic Union or EAEU that will open up opportunities of third country partnerships in Central Asia-Eurasian region.

The EAEU member states approved a document defining the strategic goals for developing the Eurasian integration until 2025, the Russian Foreign Ministry stated last week while listing its achievements for 2019. They also endorsed a concept for forming an EAEU financial common market with a view to launching it in 2025, according to the Ministry.

“In the three quarters of 2019, aggregate EAEU GDP increased 1.4 percent, while industrial and agricultural growth was 2.7 percent. The EAEU countries improved the structure of import and export transactions and increased the use of national currencies in their mutual transactions.”

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“The EAEU expanded its range of foreign partners by signing free trade agreements with Serbia and Singapore. It is implementing a programme of cooperation between the Eurasian Economic Commission and ASEAN in 2019-2020. A decision to hold talks on drafting a preferential EAEU trade agreement with India was made,” the Ministry informed.

It may be recalled that during Indian PM’s visit to Vladivostok last Sep the two sides at their annual summit encouraged India-Russia third country partnership in Central Asia, Africa and SE Asia.

“The Russian initiative of forming Greater Eurasian Partnership has become established as a concept of long-term political and diplomatic efforts…The Russian initiative of forming Greater Eurasian Partnership has become established as a concept of long-term political and diplomatic efforts,” according to the Foreign Ministry statement.



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