EEU aggregate GDP may grow by $2.7 billion if free trade agreement signed with India
28.08.2017,
18:18
If the Eurasian Economic Union (EEU) concludes a free trade agreement with India, its member states’ (Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia) aggregate GDP may surge by $ 2.7 billion.
YEREVAN, August 28. /ARKA/. If the Eurasian Economic Union (EEU) concludes a free trade agreement with India, its member states’ (Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia) aggregate GDP may surge by $ 2.7 billion. This figure was announced at a discussion on the prospects of strategic partnership between the Eurasian Economic Union (EEU) and the Republic of India, which took place on August 25 in the framework of the international exhibition forum "Eurasian Week" in Astana.
A representative of the Eurasian Economic Commission, the executive body of EEU, noted during the seminar that given active use of tools to support trade and economic cooperation, the growth of mutual trade can be very significant, considerably exceeding pre-crisis indicators. He said an analysis of the feasibility of concluding a free trade agreement with India showed that the total GDP growth of the EEU member countries could reach $ 1.4 billion in the short term and $ 2.7 billion in the long term.
Seminar participants discussed issues of trade regulation, unification of administrative procedures, removal of trade barriers, support for commodity and investment flows, technological and production cooperation, existing problems of trade operators and other issues. Following the discussion, representatives of the Indian and Eurasian businesses voiced their ideas regarding the contents of the future agreement.
Leaders of the EEU states and India decided at the end of last year to start negotiations on concluding a free trade agreement. A joint statement on the beginning of negotiations was signed in June this year during the St. Petersburg International Economic Forum.
The Eurasian Economic Commission is a permanent supranational regulatory body of the Eurasian Economic Union. -0-
A representative of the Eurasian Economic Commission, the executive body of EEU, noted during the seminar that given active use of tools to support trade and economic cooperation, the growth of mutual trade can be very significant, considerably exceeding pre-crisis indicators. He said an analysis of the feasibility of concluding a free trade agreement with India showed that the total GDP growth of the EEU member countries could reach $ 1.4 billion in the short term and $ 2.7 billion in the long term.
Seminar participants discussed issues of trade regulation, unification of administrative procedures, removal of trade barriers, support for commodity and investment flows, technological and production cooperation, existing problems of trade operators and other issues. Following the discussion, representatives of the Indian and Eurasian businesses voiced their ideas regarding the contents of the future agreement.
Leaders of the EEU states and India decided at the end of last year to start negotiations on concluding a free trade agreement. A joint statement on the beginning of negotiations was signed in June this year during the St. Petersburg International Economic Forum.
The Eurasian Economic Commission is a permanent supranational regulatory body of the Eurasian Economic Union. -0-
