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EAC and India Start Free Trade Zone Negotiations

On June 3 during St. Petersburg International Economic Forum (SPIEF’17) EAC and India officially announced that they start free trade zone negotiations. The preliminary agreement was signed by EAC minister Veronica Nikishina and Indian Minister of Industry and Trade Nirmala Sitharaman.
The parties welcomed the accord as a step towards a new level of EAC-India economic cooperation and mutual investments. In 2016 a joint group of experts presented a report proving that a free trade zone between India and EAC will lead to immediate GDP growth in both countries while volume of trade will increase by 30-40%.
The coming EAC-India consultations will encompass tariff regulation, customs clearance, intellectual property and technical barriers. The free trade zone is going to boost EAC agricultural export as well as industrial and chemical goods trade.

Source: Eurasian Economic Commission

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