India, Eurasian Economic Union finalise terms to launch FTA talks
This story was originally published at 18:28 IST on 20 August 2025
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--India, Eurasian Econ Union finalise terms to launch FTA talks
NEW DELHI – India and the Eurasian Economic Union finalised terms of reference Wednesday to launch negotiations for a free trade agreement, the commerce ministry said. Russia is India's largest trading partner in the Eurasian Economic Union, which also includes Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
Additional secretary at commerce ministry, Ajay Bhadoo signed the terms of reference in Moscow with his counterpart Mikhail Cherekaev, deputy director, Trade Policy Department, Eurasian Economic Commission. The terms of reference provide a framework for negotiations and is expected to unlock untapped trade potential, increase investments and establish a stronger, durable India–EAEU economic partnership, the commerce ministry said in a release.
"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," the release said. India had a total trade of $69 billion with the region in 2024, according to the release.
The two sides had initially agreed to explore a trade deal in 2021, but the discussions stalled as Russia's priorities shifted after the Ukraine war. The deal was back on the table after Prime Minister Narendra Modi's visit to Moscow in 2024. End
US$1 = INR 87.07
Reported by Krity Ambey
Edited by Ashish Shirke
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