India and the Eurasian Economic Union (EAEU) are negotiating a Free Trade Agreement (FTA), with officials signing the Terms of Reference (ToR) in Moscow.
Outlining the framework for the negotiations, the ToR was signed by Ajay Bhadoo, Additional Secretary, Department of Commerce, and Mikhail Cherekaev, Deputy Director, Trade Policy Department, Eurasian Economic Commission.
Both sides noted, trade between India and the EAEU – including Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, and the Russian Federation – increased by 7 per cent to $69 billion in 2024.
With the EAEU having a combined GDP of $6.5 trillion, the proposed FTA is expected to boost India's exports by enhancing market access, helping businesses diversify into new sectors, and increasing competitiveness. The Ministry of Commerce & Industry stated, the agreement will particularly benefit Micro, Small and Medium Enterprises (MSMEs).
The signing of the ToR marks a crucial step toward unlocking new trade potential, increasing investment, and building a stronger, long-term economic partnership between India and the EAEU. Both parties have committed to concluding the agreement quickly.
