o operationalization of the ‘Green Corridor’ project between the two countries which

has already reached an advanced stage;

o implementation of the International North- South Transport Corridor (INSTC),

o and the signing of an FTA between Indian and the Eurasian Economic Union (EaEU).

♤ In December 2016, Eurasian Economic Union (EaEU) approved the decision to start negotiations between India and the EaEU for signing an FTA.

♤ The Eurasian Economic Union (officially EAEU, but sometimes called EEU) is an economic union of states located primarily in northern Eurasia. The Treaty aiming for the establishment of the EAEU was signed on 29 May 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on 1 January 2015.

♤ There are four types of corridors introduced in the customs border: green corridor (goods through this corridor does not undergo customs inspection), blue corridor (goods undergo examination in the customs border), yellow corridor (goods which need a special licence for the importation) and red corridor (goods are subjected to mandatory inspection).

♤ The green corridor concept was launched by the European Union in 2007 to enable trade traffic more smoothly and efficiently.

♤ Russia is already implementing the Green corridor project with Finland and Turkey. Moscow has also signed such agreements with China, Italy, Lebanon and Iran.