India is to start negotiating a free trade agreement with the Customs Union of Russia, Belarus & Kazakhstan within the next six months, Indian Deputy Minister of Commerce & Industry Rajeev Kher has said.
As most of the developed world in the West is suffering an economic downturn, the developing world has been stepping up efforts to bring their economies closer.
Most recently, China said it could establish a free trade zone with a broader Russia-led economic bloc that also includes Armenia & is expected to include Kyrgyzstan soon.
As most of the developed world in the West is suffering an economic downturn, the developing world has been stepping up efforts to bring their economies closer.
Most recently, China said it could establish a free trade zone with a broader Russia-led economic bloc that also includes Armenia & is expected to include Kyrgyzstan soon.
The Eurasian customs union is a regional bloc that includes Russia, Belarus & Kazakhstan aimed at creating a single economic space with common tariffs. The group has a population of 168 million people & a GDP of more than $2 trillion.
The BRICS countries which include Brazil, Russia, India, China & South Africa will also have established by the end of the year the $100 billion New Development Bank, as a rival to the IMF & the World Bank.
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