India to join Eurasian Economic Union under FTA

India to join Eurasian Economic Union under FTA

 India is set to join the Eurasian Economic Union by signing free trade agreement to boost(प्रोत्साहन)  trade ties, Kazakhstan Ambassador Bulat Sarsenbayev said today. "India is going to join the Eurasian Economic Union which includes Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan in the form of an FTA (Free Trade Agreement)," Sarsenbayev said at a conference organised here by CII. The signing of FTA would allow "access" to the market comprising 200 million people and make Indian and Kazakhstan companies "work together", he said.  Stating that Kazakhstan was rich in "mineral resources", the envoy invited Indian IT companies and hoteliers to set up shop in his country. 

Noting that the number of travellers to his country from India had "doubled" in the last two years, he said the Kazakhstan government offered free economic zones for overseas companies to do business. 

The diplomat was here to formally open the Honorary Consulate of Kazakhstan and appointed noted jeweller Suraj Shantakumar, Director-Business Strategy of Kirtilals, as Honorary Consul in Chennai. 

Shantakumar would represent Tamil Nadu, Kerala and Karnataka. 

According to Sarsenbayev, trade between the two countries stood at USD 618 million in 2016. 

Main exports from Kazakhstan to India include oil products, metals and natural minerals while imports comprise pharmaceuticals, tea and tobacco among others.