Chairman of the Eurasian Economic Union (EAEU) Tigran Sargasyan had a detailed meeting with Prime Minister Narendra Modi at St. Petersburg, Russia. The meeting is said to be a stepping stone for India’s Free Trade Agreement with the European Union.
External Affairs Ministry spokesperson Gopal Baglay mentioned on Twitter that following India’s decision to hold negotiations to have a free trade agreement (FTA) with the EAEU, Sargasyan, a former Prime Minister of Armenia, called on Modi.
In his address to the media in St. Petersburg following the annual India-Russia bilateral summit, Modi said negotiations for an FTA with the EAEU would further strengthen economic cooperation.
Having come into force on January 1, 2015, the EAEU comprises Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
India’s move to have an FTA with the EAEU assumes significance as a similar agreement with the European Union has failed to fructify despite 16 rounds of negotiations.
From Russia, PM Modi has left for France later on Friday on the fourth and final leg of the tour. Prior to Russia, he visited Germany and Spain.