Language, banking system impending trade with central Asia’

NEW DELHI, July 3:Language barriers, weak banking
system and poor connectivity are some of the key factors
impeding higher level of trade with Central Asian countries,
Commerce Minister Piyush Goyal said in Lok Sabha on Wednesday.

Goyal said efforts are being made to boost trade by
resolving various trade related matters through existing
institutional mechanisms between India and Central Asian

“Some factors impeding higher level of trade with Central
Asian countries include language barriers, stringent process
of registration of products, problems in dispute settlement,
weak banking and financial system, low accessibility, poor
connectivity and visa issues with these countries,” he said
during Question Hour.

Central Asian countries Kazakhstan and Kyrgyzstan are
members of the Eurasian Economic Union (EaEU).

The minister said a joint feasibility study has been
conducted to explore possibility of free trade agreement with
EaEU in which Russia, Armenia, Belarus are the other three

The Joint Feasibility Study (JFS) has found there is a
significant realizable potential to enhance bilateral trade
with Kazakhstan and Kyrgyzstan through a trade agreement, he

Further, Goyal said, a joint statement has been shared
with Uzbekistan to commence a joint feasibility study to
explore preferential trade agreement between India and

The likely potential of the bilateral trade would be
determined once the joint feasibility study gets completed, he
said. (PTI)