India To Begin FTA Negotiations With Eurasian Economic Union

New Delhi, Aug 21 (KNN) India and the Eurasian Economic Union (EAEU) — comprising Armenia, Belarus, Kazakhstan, the Kyrgyz Republic and the Russian Federation — on Wednesday signed the Terms of Reference (ToR) to initiate negotiations for a Free Trade Agreement (FTA). 

The signing took place in Moscow between Ajay Bhadoo, Additional Secretary, Department of Commerce, Government of India, and Mikhail Cherekaev, Deputy Director, Trade Policy Department, Eurasian Economic Commission (EEC).

During his visit, Bhadoo also met Andrei Slepnev, Minister in charge of Trade, EEC. 

The negotiation group heads briefed the minister on the progress marked by the ToR signing and discussed next steps for formally launching negotiations, including organisational aspects of the prospective trade deal.

Bilateral trade between India and the EAEU reached USD 69 billion in 2024, a 7 percent increase from the previous year. 

With a combined GDP of USD 6.5 trillion, the EAEU represents a significant market, and the proposed FTA is expected to enhance Indian exporters’ access, diversify trade into new sectors, improve competitiveness against non-market economies, and create opportunities for Micro, Small and Medium Enterprises (MSMEs).

The ToR sets the framework for negotiations and is aimed at unlocking untapped trade potential, boosting investment flows, and building a more durable India–EAEU economic partnership. 

Both sides reiterated their commitment to an early conclusion of the agreement and to establishing a long-term institutional framework for trade cooperation.

(KNN Bureau)