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The economic cooperation between the EAEU and India falls short of its full potential, with complex logistics being a major stumbling block on the way to a higher trade turnover. Creation of a free trade area and development of direct economic links between India and Russian regions could help boost the collaboration.
India is one of the key and most promising partners of the Eurasian Economic Union (the EAEU).
Currently, the full potential of economic cooperation between the EAEU and India is still waiting to be unlocked.
Most of the EAEU's trade with India is attributable to Russia as the club's economic powerhouse.
Import restrictions directed against the EAEU members and complex logistics are among the key obstacles standing in the way of efficient collaboration.
Creation of a free trade area (FTA) between the EAEU and India could help strengthen the trade ties. In December 2016, the presidents of the EAEU nations gave the go-ahead to negotiations to make relevant agreements.
The International North-South Transport Corridor (INSTC), agreed between Russia, India and Iran back in 2000, could help streamline the logistics. It was to that end that RZD Logistics and the Federation of Freight Forwarders' Associations in India signed an agreement in November 2016.
Investment and production cooperation also keeps expanding.
The direct trade, economic and investment contacts between India and Russian regions also have an important role to play.
At the end of May, businessmen from India visited the Khabarovsk Territory. Sram & Mram Group is keen to invest some USD 5–10 million in the region's mining projects.