
© TASS Prime Minister of India Narendra Modi arrives in St. Petersburg to participate in the XXI St. Petersburg International Economic Forum.
The (EEU) led by Russia will begin free trade talks with India during the St. Petersburg International Economic Forum (SPIEF 2017), according to an Indian official. The deal is expected to dramatically increase trade between the countries.
"I am especially pleased to address you at this moment when 175 million people of EEU countries and 1.2 billion people of India are on the threshold of a new era of economic partnership. However, despite close ties, the current volume of trade is only about $8.4 billion," Secretary of Department of Industrial Policy & Promotion at India's Ministry of Commerce & Industry Ramesh Abhishek told TASS news agency.
The Indian official said a study into creating a free trade zone started in 2015.
"According to the report, in ten years the volume of trade could reach $57-62 billion," Abhishek said.
"A joint statement on the start of negotiations on a comprehensive agreement on a free trade area is likely to be made very soon," he added.
The EEU is a trade bloc established in 2015 on the basis of the Customs Union of Russia, Kazakhstan, and Belarus. Armenia and Kyrgyzstan later joined it.
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