India today agreed to initiate an exercise for a free trade agreement between New Delhi and the customs union of Belarus, Kazakhstan and Russia to enhance economic ties.
"The sides agreed to work towards the creation of a Joint Study Group for studying the possibility of signing a Comprehensive Economic Cooperation Agreement (CECA) between India and the Customs Union of Belarus, Kazakhstan and Russia," a joint statement said.
The joint statement was issued after the 14th India-Russia Annual Summit meeting between Prime Minister Manmohan Singh and Russian President Vladimir Putin here.
The Customs Union between Russia, Kazakhstan and Belarus had formally came into existence few years back.
The three countries took their economic integration to a new level with the implementation of the common economic space which provides for free movement of goods, services and people.
Under CECA, two sides aim to significantly reduce duties on the maximum number of tradable goods besides liberalising norms for service and investments. It also aims at facilitating movement of professionals.
India has already implemented similar pacts with countries like Singapore, South Korea and Japan.
The statement also said that both the sides welcomed the increasing business interactions
Further, India and Russia underlined the significant potential for cooperation in sectors such as oil and gas, pharmaceutical, infrastructure, mining, automobiles, fertilisers, aviation, as well as in modernisation of industrial facilities located in the two countries.
The bilateral trade between India and Russia stood ast USD 6.52 billion in 2012-13.
India's exports to Russia include pharmaceuticals, coffee, tea, tobacco, processed fruits and cotton yarn while imports include mineral products, natural pearls, machinery and equipment and textiles.
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