India and Russia, two of the four most important emerging economies in the world, will not be able to enter into a free trade agreement for expanding their trade ties unless Moscow becomes a member of the World Trade Organisation.
"The agreement is on the table. . . but we can sign it only after Russia gets WTO membership," a commerce ministry official told PTI.
A feasibility study on the proposed free trade agreement, officially known as the Comprehensive Economic Cooperation Agreement, has long been finalised but cannot be acted upon in the absence of Russia joining the WTO.
Russia's territorial dispute with Georgia is cited as one of the reasons for the delay in its (Russia's) joining the Geneva-based multilateral trade body.
"The process has been delayed as Georgia (has) a territorial dispute with Russia," the official said.
Bilateral FTAs or Regional Trade Agreements are signed to give market access to partners, but they come under the overall discipline of the WTO.
"Currently, Russia is not interested in (negotiating on) tariff issues with us, as it cannot unilaterally bring down the tariffs," the official said.
