New Delhi, Dec 31 (IANS) India’s Commerce Ministry officials are expected to meet their Israeli counterparts in January for bilateral trade talks, according to official sources.

The two sides will discuss the framework and gateway issues in pre-round negotiations next month. The terms of reference for an FTA between India and Israel were signed in November, and now the two countries will hold further negotiations to move ahead on the issue.

India’s Commerce Minister Piyush Goyal and Israel’s Economy Minister Nir Barkat signed the terms of reference document in Tel Aviv in November to formally launch negotiations for a comprehensive pact to boost trade, investment, and cooperation in technology, defence, and agriculture. These terms of reference will guide negotiations for a balanced, comprehensive FTA, deepening economic ties and market access.

India’s trade negotiating team is also expected to travel to Russia for a second round of talks on the India-EAEU free trade agreement sometime after the Union Budget is presented on February 1.

The Eurasian Economic Union (EAEU) is a regional economic bloc with five member countries: Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan, promoting free movement of goods, services, capital, and labour, and aiming to boost economic integration and competitiveness among its members through unified customs and policies.

Russia has already relaxed import requirements for Indian marine products and is on course to further relax norms to allow more shipments to come in.

The trade talks will focus on reducing non-tariff barriers for the export of India’s products into the EAEU bloc.

Indian exporters currently face regulatory overlap between Russian, EAEU, and European rules, which India wants to be removed. The aim is to ensure clarity in rules for exports of products which need labels in Russian within and outside packages.

India and Russia are aiming to boost trade beyond energy and achieve a $100 billion target by 2030, focusing on removing trade barriers and enhancing connectivity for smoother commerce.

–IANS

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