India-Belarus meet to foster bilateral trade

On Tuesday, India and Belarus drafted a 10 pact agreement to expand cooperation in various diplomatic areas and decisively explore a joint development and manufacture of military platforms, giving momentum to existing bilateral relationships between the two countries. The meeting was held at the Hyderabad House in New Delhi.

During the meeting, Prime Minister Narendra Modi and Belarus President A G Lukashenko, discussed in brief about expanding their focus on increasing the economic engagement between the two countries. They also mulled over the fact that there was indeed a huge scope for ramping up trade and investment between the two nations.

“We will encourage joint development and manufacturing in defense sector under the ‘Make in India’ program,” Modi said in a media statement as reported in the Economic Times.

Modi also said that he and Lukashenko went through the “architecture” of India-Belarus partnership and suggested ideas to expand it.

The pacts provided for enhancing bilateral cooperation in a variety of areas, including oil and gas, education and sports.

Additionally, Modi also highlighted India’s ongoing negotiations with the Eurasian Economic Union (EEU) for a free trade agreement. For which Belarus is part of the five member-EEU and is considered an influential central Asian bloc.

The volume of bilateral trade in 2016 amounted to $402 million approximately.

Sources: Economic Times, The Hindu

Image source: The Hindu