NEW DELHI: Hassle-free customs clearance and easier trade routes are key to India’s successful free trade agreement with the Eurasian Economic Union (EEU), a government appointed committee has said.
A joint study group set up last year to explore the feasibility of a free trade pact between India and Russia-led five-member EEU has recommended setting up of a green corridor that will exempt shipments of “credible” exporters from customs inspection when crossing the border, especially textiles, leather and pharmaceutical products, which are expected to get higher market access.
It has suggested that the agreement cover trade in goods, services and investment to overcome three major obstacles in expanding economic ties with the EEU – lack of a formal trade and economic partnership, inadequate trade architecture and connectivity bottlenecks.
