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DAILY NEWS ANALYSIS

GS-II :
  • 24 December, 2019

  • Min Read

Russia hopeful of India’s free trade pact with EAEU

Syllabus subtopic: Bilateral, regional and global groupings and agreements involving India and/or affecting India's interests

Prelims and Mains focus: about EAEU and its significane for India; Challenges to Indo-Russia relations in the changing world geopolitics.

News: Russia is looking forward to India concluding a new Free Trade Agreement with the Eurasian Economic Union (EAEU), its Ambassador Nikolay Kudashev said on Monday.

India-Russia cooperation prospects

  • Both countries would move forward on military and technical cooperation based on commitments, with Russia seeking de­escalation of the domestic challenges that arose after the adoption of the new citizenship law in India.
  • In 2020 Russia is hopeful of an early conclusion of the Free Trade Agreement between the EAEU and India and the next round of the Russian-Indian Strategic Economic Dialogue with the focus on transport, agriculture, small and medium enterprises.
  • Moscow and Delhi were going to reach a new level of security partnership by increasing oil and natural gas supplies through ``long­term arrangements``.

About Eurasian Economic Union (EAEU):

  • It is an international organization for regional economic integration.
  • It has international legal personality and is established by the Treaty on the Eurasian Economic Union.
  • Composition: Includes Russia, Belarus, Armenia, Kyrgyzstan and Kazakhstan.
  • It has free movement of goods, services and labour.
  • It has its own bureaucratic structure.

Various bodies under it:

  • Supreme Council is the Union’s supreme authority. The Heads of the Member-States form the Supreme Council.
  • Intergovernmental Council is a Union’s body consisting of the Heads of the Member-States Governments.
  • Eurasian Economic Commission is a permanent supranational regulatory body of the Union. The core tasks of the Commission are fostering the conditions to support the operation and development of the Union, and drafting proposals in the field of economic integration within the Union.
  • Court of the Eurasian Economic Union is the court of justice of the Eurasian Economic Union, which ensures the uniform application of the EAEU Treaty and other Union treaties by the Union Member-States and bodies.

Note: to read about Indo-Russia relations in detail, click on the link below:

https://www.orfonline.org/research/india-russia-ties-in-a-changing-world-order-in-pursuit-of-a-special-strategic-partnership-56877

Source: The Hindu


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