Commonwealth of Independent States (CIS) was established in 1991 to ensure continued cooperation in trade and military policy and recognition of borders between the States which formed part of the erstwhile USSR (except Baltic States). Russian Federation, Ukraine, Moldova, Georgia, Armenia, Azerbaijan, Belarus, Kazakhstan, Uzbekistan, Kyrgyzstan, Turkmenistan and Tajikistan are the members of the Commonwealth of Independent States (CIS). Kazakhstan, Uzbekistan, Kyrgyzstan, Turkmenistan and Tajikistan fall in Asia and are commonly known as Central Asian Republics (CAR).
Growth has firmed up in the economy of the Commonwealth of the Independent States (CIS), as the region recovers from an abysmal 2015–2016. Comprehensive data confirm that regional GDP grew a solid 2.8% year-on-year in the second quarter, notably above the first quarter’s 1.1% increase. Stronger growth was seen in most of the region’s economies, with regional heavyweight Russia expanding at the fastest pace since Q3 2012. Large-scale investment projects helped fuel the Russian domestic economy, along with lower inflation, improved confidence and easier monetary policy.
The Russian economy’s recovery had positive spillover effects for several other CIS economies, in the form of robust demand for exports and higher remittances. GDP expanded at the fastest pace since Q3 2014 in Belarus, thanks to higher household spending. Kazakhstan also recorded firmer activity, while Azerbaijan was the region’s standout weak spot. Azerbaijan is the only economy that has not yet exited recession as the energy sector drags down activity.
Relations between India and countries of the CIS Region have remained close and cordial since the Soviet era. However, bilateral trade and commercial relations remain much below their potential.
Recognizing the potential of CIS region, FICCI’s CIS desk has been actively fostering India’s economic and commercial relation with these countries through its sectoral and bilateral initiatives. This includes organizing delegations, exhibitions, reverse buyer seller meet, meeting with Head of States, etc.
The desk closely works in coordination with CIS Missions in New Delhi, Indian Mission in CIS countries and various GoI ministries. It provides a forum to the Indian Industry for developing their businesses, raise relevant issues hindering trade and provide inputs for policy realignments for the benefit of Indian industry.
FICCI has set up Joint Business Council Agreement/ MoU with various Apex Chamber of Commerce & Industry in CIS countries. JBC provides a regular and recognized forum at the Apex level for promotion of economic activities between businessmen and industrialists of two regions.
- Engages with Government & industry associations and think tanks in each CIS member state
- Regular industry interactions and presentation of recommendations to Government
- Closed door interactions with leaders from CIS region