India and the Eurasian Economic Union (EAEU) have signed the Terms of Reference (ToR) for Free Trade Agreement (FTA) negotiations.
The EAEU comprises Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, and Russia.
Additional Secretary of the Department of Commerce Ajay Bhadoo and Eurasian Economic Commission’s Deputy Director of the Trade Policy Department Mikhail Cherekaev signed the ToR in Moscow.
The proposed FTA will boost exports, support micro, small, and medium enterprises (MSMEs), and diversify market access.
Trade turnover between India and the EAEU reached 69 billion dollars in 2024.
This marked a 7% increase compared to 2023.
Both sides also reaffirmed their commitment to early conclusion of the agreement and establishment of a long-term institutional framework for trade cooperation.
The ToR is intended to unlock trade potential, attract investment, and strengthen long-term economic partnership.
