Trade Agreement Between Russia And India

15. The potential for cooperation between India and Russia in the information technology sector has been recognized by the leaders of both countries. Russia is one of the fastest growing IT markets in the world. In October 2015, the first India-Russia roundtable on information and communication technologies was held in Moscow, with the participation of business representatives from both countries. Discussions focused on various ways to further intensify cooperation in the areas of cybersecurity, e-governance and other computer issues. “Russia and India have a very good political relationship, but they don`t have a normal economic base behind it,” said Alexei Kupriyanov, senior research committee at the Institute of Global Economics and International Relations of the Russian Academy of Sciences. “We expect that a free trade agreement will form the basis of a free trade agreement.” In addition, IRIGC has other organizations that have economic relations between the two countries. These include the Indorus Forum for Trade and Investment, the India-Russia Economic Council, the India-Russia Council for Trade, Investment and Technology and the India-Russia Chamber of Commerce. [32] While Russia remained India`s largest supplier of defence equipment between 2014 and 18, total exports fell by 42% between 2014-18 and 2009-13. [36] Russia still has 58 per cent of India`s total arms imports, followed by Israel and the United States with 15 per cent and 12 per cent respectively. [37] This figure, however, is a downward step from 2010-14, when Russia held 70% of the defence market in India. In December 2008, during a visit by the Russian President to New Delhi, Russia and India signed an agreement on the construction of civilian nuclear reactors in India.

[70] 2. Given the increase in the volume of trade and the creation of adequate shipping facilities, both governments believe that it is necessary to organize regular freight traffic services, which will be operated by Indian and Soviet ships between the ports of India and the ports of the USSR. Both governments have long considered their bilateral trade well below its optimal potential, which can only be corrected in the long term by a free trade agreement (FTA). [65] [66] The two governments have set up a Joint Task Force (JSG) to negotiate the specifications of an agreement, a final agreement between India and the Eurasian Economic Union, to which Russia belongs (including Kazakhstan, Armenia, Kyrgyzstan and Belarus). [67] As a result, the indorused free trade agreement would lead to a much broader free trade agreement, which would include India, Russia, Kazakhstan, Armenia, Kyrgyzstan and Belarus. [65] Bilateral trade, once a free trade agreement is in place, is expected to significantly increase the importance of the economy in bilateral relations. [65] [68] [69] A possible EAEU-India agreement is part of an advance by Moscow and New Delhi to increase bilateral trade to $30 billion by 2025.

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