Russian President Vladimir Putin announced that the first round of talks between the Eurasian Economic Union (EEA) and India on a free trade agreement will begin soon.
Putin spoke at a joint press conference following a meeting with Indian Prime Minister Narendra Modi in Vladivostok, Russia.
Pointing out the importance of military-technical cooperation between Russia and India, Putin said, “This cooperation is an important basis of our strategic partnership. We are working to extend our military-technical cooperation agreement covering 2011-2020 for 10 years. ”
Stressing that they want to increase the use of national currencies in trade with India Putin, “by increasing the use of national currency in our trade with India, the Russian Central Bank’s money transfer system can guarantee smooth transactions between banks.” He said.
Putin said that negotiations on free trade between EEA and India are continuing and added: inanıy I believe that the creation of a free trade zone between India and EEA will open up additional opportunities for diversification of commodity trade. This is our common goal and in the near future the first round of negotiations on the drafting of an agreement will begin. ”
Modi stated that they have developed cooperation with Russia in strategic areas such as defense. “We have signed agreements with Russia to manufacture spare parts in India. This will create momentum for our entire industry. Improving local production in nuclear power plants to be built with the support of Russia in India will strengthen our relations even more.