Russia hopeful of India’s free trade pact with EAEU

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News:Russia is hopeful of India concluding a new Free Trade Agreement with the Eurasian Economic Union(EAEU).

Facts:

About Eurasian Economic Union(EAEU):

  • The Eurasian Economic Union is an international organization for regional economic integration.
  • It was established in 2015 by the Treaty of the Eurasian Economic Union.
  • The EAEU provides for free movement of goods, services, capital and labor, pursues coordinated, harmonized and single policy in the sectors determined by the Treaty and international agreements within the Union.
  • The Member-States of the Eurasian Economic Union are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation.
  • The Union is being created to comprehensively upgrade, raise the competitiveness of and cooperation between the national economies, and to promote stable development in order to raise the living standards of the nations of the Member-States.

Bodies under EAEU:

  • Supreme Council is the Union’s supreme authority. The Heads of the Member-States form the Supreme Council.
  • Intergovernmental Council is a Union’s body consisting of the Heads of the Member-States Governments.
  • Eurasian Economic Commission is a permanent supranational regulatory body of the Union. The core tasks of the Commission are fostering the conditions to support the operation and development of the Union, and drafting proposals in the field of economic integration within the Union.
  • Court of the Eurasian Economic Union is the court of justice of the Eurasian Economic Union, which ensures the uniform application of the EAEU Treaty and other Union treaties by the Union Member-States and bodies.