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EAEU starts negotiations on free trade zone with India

June 09, 2017, 17:56 UTC+3 MOSCOW

The president of The Russian Chamber of Commerce and Industry is confident that special trade regimes of the EAEU with all the SCO countries will be developed soon

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MOSCOW, June 9. /TASS/. The Eurasian Economic Union (EAEU) began negotiations on creating a free trade area (FTA) with India, the union is also discussing options for trade and economic cooperation with China, President of The Russian Chamber of Commerce and Industry Sergei Katyrin told TASS.

"Negotiations on a new type of agreement between the EAEU and China on trade and economic cooperation are already underway. Talks about concluding agreement on a free trade zone between the EAEU and India are beginning," Katyrin said.

Katyrin said he was confident that special trade regimes of the EAEU with all the Shanghai Cooperation Organization (SCO) countries will be developed soon.

At the SCO summit held in Astana, India and Pakistan joined the organization, new member states that for 12 years actively participated in the activities of the SCO as observers. Kazakhstan, Kyrgyzstan, China, Russia, Tajikistan and Uzbekistan are also part of the organization.

According to Katyrin, after expanding the SCO, it is necessary to use geographical advantages of the member countries, to form a common transport infrastructure with uniform rules, to improve customs administration, to reduce administrative barriers and to establish regular information exchange between the countries.

He believes that the industrial base, resource potential, new technological solutions, qualified and relatively inexpensive labor of the SCO countries will now be used properly.

"BRICS and the SCO are similar in economic terms. There are countries - members of both organizations, so cooperation in this direction will surely develop," Katyrin concluded.

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