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India hopes to benefit from Vietnam-EEU trade pact

05/06/2015


India hopes to benefit from Vietnam-EEU trade pact

The newly signed free trade agreement between Vietnam and the Eurasian Economic Union (EAEU) is likely to boost India ’s trade with Eurasian and Southeast Asian regioins, according to the Economic Times.


The signing of the trade pact on May 29 incidentally comes days ahead of Indian President Pranab Mukherjee’s trip to Belarus this week, the newspaper said, noting that Belarus is a member of the EAEU and India and Belarus are expected to discuss India joining the EAEU during the trip. 

The newspaper said if India decides to join the EAEU, it will assist India to realise the untapped potential in trade between it and countries of the EAEU, which currently comprises Russia , Belarus , Kazakhstan and Armenia while ratification procedures are under way for Kiyrgyzstan to join the trade bloc. 

The Economic Times quoted Russian Prime Minister Dmitry Medvedev as saying that the agreement with Vietnam is a breakthrough decision, while Chairman of the Board of the Eurasian Economic Commission Victor Khristenko described the agreement as “a historic act”. 

According to the newspaper, India is closely studying the agreement to understand the benefits.

(-VNA)

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