India, Russia sign trade agreement to enhance customs [ Current Affairs ]
India and Russia have signed a customs and easiness business visas agreement to enhance trade between both countries to overcome these interferences and to increase business. It focuses on land and sea ports related issues and allows faster import of goods and non-tariff barriers. Both countries also have fixed a target of US 30 billion dollars to be reached by 2025.
- This agreement will give International North-South freight corridor (INSTC) for business from India to Russia to central Asia through Iran.
- Currently, mutual business between the two countries is extremely low and it was just 9.51 billion dollars.
- Recently in Ufa Russia, earlier to BRICS (Brazil, Russia, India, China and South Africa) governmental meeting Prime Minister Narendra Modi and his Russian equivalent President Vladimir Putin had discussed about ways to increase bilateral business.
- Both countries also had reached an agreement on setting up a Joint Study Group which will mention configuration of a Free Trade Agreement (FTA) between India and Eurasian Economic Union (EEU) comprising Russia, Kazakhstan, Belarus and Armenia.
- Free Trade Agreement defined as the business of goods and services between countries on their borders without any tariffs and interferences.
- Published on: July 24, 2015