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Negotiations on to finalise FTA with EEU : Nirmala Seetharaman

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Chennai | Thursday, Mar 16 2017 IST
 
Observing that negotiations were on to finalise the proposed Free Trade Agreement (FTA) with the Eurasian Economic Union (EEU), Union Minister of Commerce and Industry (Independent Charge) Ms Nirmala Seetharaman today impressed upon the need for India and Russia to finalise a revised Bilateral Investment Treaty. Talking to reporters after holding a bilateral meeting with Mr Denis Manturov, Minister of Industry and Trade of the Russian Federation after inaugurating the sixth edition ofthe International Engineering Sourcing Show (IESS) here, she said she had a detailed meeting with him in which they discussed a host of bilateral issues. ''We agreed that there is enormous potential to enhance the bilateral trade which is presently USD 6.62 billion'', she added. Noting that negotiations were on to conclude the (FTA between India and the EEU, she however, refused to give a time frame for signing the FTA and said ''it cannot bepredicted''. ''We also deliberated upon other measures to enhance the trade ties, including the proposed FTA between India and the Eurasian Economic Union, which includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan'', Ms Nirmala Seetharaman said. ''Both countries also noted the need to finalise a revised Bilateral Investment Treaty,''she said, while extending an invitation to Russia to be the 'Partner Country' in the India International Jewellery Show-2017 to be held in July this year in Mumbai and in theAdvantage Healthcare India scheduled to be held in October in Delhi/Mumbai. ''We discussed on the early operationalisation of the International North South Transport Corridor (INSTC) that would cut the time and cost for transportation of goods between both the countries'', she added.MORE UNI GV CS 1825

-- (UNI) -- C-1-1-DL0275-1191125.Xml

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