India to sign free trade agreement with Eurasian Economic Union

Moscow, June 18 : India has confirmed it will sign a free trade agreement with the Eurasian Economic Union (EAEU) on June 18 at the St. Petersburg International Economic Forum (SPIEF-2015).

"We are definitely signing this agreement", Amit Telang, first secretary in the Indian embassy in Russia, told TASS news agency on Thursday.

The EAEU is an international organisation for regional economic integration. The member states of the union, which started operating from January 1, 2015, are the Russian Federation, the Republic of Belarus, the Republic of Kazakhstan and the Republic of Armenia.

The EAEU is aimed at economic development of the member states by coordinating their economic policy and guaranteeing free movement of goods, services, capital and workforce.

Apart from India, Vietnam, Iran, Egypt and Israel are negotiating the possibility of concluding free trade agreements with the EAEU.