India-EAEU trade totalled at $69bn in 2024
India and the Eurasian Economic Union (EAEU) comprising Armenia, Belarus, Kazakhstan, Kyrgyz Republic and the Russian Federation have signed the Terms of Reference (ToR) to launch negotiations on a Free Trade Agreement (FTA) on 20 Aug in Moscow https://www.commerce.gov.in/.
The ToR was signed by Additional Secretary, Department of Commerce, Government of India, Ajay Bhadoo, and Deputy Director, Trade Policy Department, Eurasian Economic Commission (EEC), Mikhail Cherekaev (see picture above).
During his visit, Bhadoo also called on Minister in charge of Trade, EEC, Andrei Slepnev. The heads of negotiation groups apprised the Minister about the milestone achieved with the signing of the ToR and discussed next steps to formally launch the negotiation process, including organizational aspects of the future trade deal https://fieo.org/.
Both sides noted the growing trade turnover between India and the EAEU, which stood at US$69 billion in 2024, registering a 7% increase over 2023. With a combined GDP of US$6.5 trillion, the proposed FTA is expected to expand market access for Indian exporters, support diversification into new sectors and geographies, enhance competitiveness against non-market economies, and deliver significant benefits to Micro, Small and Medium Enterprises (MSMEs) https://www.nseindia.com/.
The ToR provides the framework for negotiations and is expected to unlock untapped trade potential, increase investments and establish a stronger, durable India–EAEU economic partnership. Both sides reaffirmed their commitment to the early conclusion of the agreement and to building a long-term institutional framework for trade cooperation, the Ministry of Commerce and Industry said https://www.bseindia.com/. fiinews.com
