India-Russia agreed to constitute JSG for FTZ with Eurasian Custom Union
India and Russia agreed to constitute a joint study group for trade between India and Customs Union of Belarus, Kazakhstan and Russia.
India and Russia on 5 November 2014 agreed to constitute a Joint Study Group (JSG) for Free Trade Zone with Eurasian Custom Union. The Eurasian Custom Union comprises of Russia, Belarus and Kazakhstan.
Both the sides agreed to constitute the JSG during the 20th India-Russia Inter-Governmental Commission meeting in New Delhi on 5 November 2014. The meet was co-chaired by External Affairs Minister Sushma Swaraj and Russian Deputy Prime Minister Dmitry Rogozin.
During the meet, the two sides also decided to increase bilateral trade through the International North South Corridor Project (INSTC) that runs through Iran particularly in agriculture and food processing industry.
The two sides also signed a protocol to deepen bilateral cooperation in trade and economic spheres.
India and Russia also discussed the prospects of launching the joint production of Sukhoi Superjet-100 medium-haul airliners on Indian soil.
The interactions during the meet also served to review the preparations for the forthcoming visit of the President of the Russian Federation, Vladimir Putin to India for the 15th India-Russia Annual Summit. Putin will visit India in second week of December 2014.
About Eurasian Custom Union
The Eurasian Customs Union or the Customs Union of Belarus, Kazakhstan, and Russia came into existence on 1 January 2010. The Customs Union was launched as a first step towards forming a broader European Union-type economic alliance of former Soviet states.