India and Russia have signed a customs and liberalize
business visas agreement to increase trade between both countries to take away
the hindrances and boost commerce. Presently, bilateral trade between both
nations is extremely low and it was just 9.51 billion dollars. In Ufa, Russia
prior to BRICS ministerial meeting Prime Minister Narendra Modi and his Russian
counterpart President Vladimir Putin had discussed ways to increase bilateral
trade. This pact will help to rapid clearances of imported goods at the land
and sea ports and addresses the issues related to the non-tariff barriers. Both
countries also have fixed a target of US 30 billion dollars to be achieved by
2025. This agreement will play important role proposed International
North-South freight corridor (INSTC) for trade from India to Russia to central
Asia through Iran.
Both countries also had reached an agreement on setting up a
Joint Study Group which will recommend contours of a Free Trade Agreement (FTA)
between India and Eurasian Economic Union (EEU) comprising Russia, Kazakhstan,
Belarus and Armenia.
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