Moscow: India has confirmed it will sign a free trade agreement with the Eurasian Economic Union (EAEU) on June 18 at the St. Petersburg International Economic Forum (SPIEF-2015).
“We are definitely signing this agreement”, Amit Telang, first secretary in the Indian embassy in Russia, told TASS news agency on Thursday.
The EAEU is an international organisation for regional economic integration. The member states of the union, which started operating from January 1, 2015, are the Russian Federation, the Republic of Belarus, the Republic of Kazakhstan and the Republic of Armenia.
The EAEU is aimed at economic development of the member states by coordinating their economic policy and guaranteeing free movement of goods, services, capital and workforce.
Apart from India, Vietnam, Iran, Egypt and Israel are negotiating the possibility of concluding free trade agreements with the EAEU. (IANS)
Domestic petrol prices, which had hit record levels for 16 consecutive days in May, have been on the reverse trend for the last 13 days, including Monday, but the relief for consumers has been slow in coming.
The pace of decline has been less than half the rate of surge.
Percentage-wise, since May 30, when prices started to take a downturn, petrol prices have slipped 2.35 per cent in Delhi, compared to the 5.5 per cent in the previous 16 days.
In absolute terms, prices have gone down by Rs 1.85 a litre since May 30, compared to the increase of Rs 3.8 per litre in the during May 14-29. On Monday, fuel was sold at Rs 76.58 per litre in the national capital, down 20 paise from Sunday’s level, the IndianOil Corp’s website showed.
In Mumbai, where petrol prices were the highest in the country last month, the decline has been much slow at Rs 1.23 per litre so far, against the rise of Rs 3.76 a litre during May 14-29.
On Monday, petrol price in Mumbai was Rs 84.41 per litre against Rs 84.61 on Sunday. Similarly, in Kolkata and Chennai, the fuel was sold at Rs 79.25 and Rs 79.48 respectively.
In Kolkata and Chennai too, the decline has been Rs 1.81 and Rs 1.65 per litre in the last 13 days, around 50 per cent of the previous rate of increase.
In tandem with petrol prices, diesel too has seen a decline, but of only around 2 per cent in all the major cities including Delhi, compared to over 5 per cent rise in the previous fortnight.
Both in Delhi and Kolkata, diesel prices in the last 13 days have declined by Rs 1.36, and in Mumbai and Kolkata, the fall was of Rs 1.44 and Rs 1.45 per litre respectively.