India and the Eurasian Economic Union (EAEU), comprising Armenia, Belarus, Kazakhstan, Kyrgyz Republic and Russia, have signed the Terms of Reference (ToR) to launch negotiations on a Free Trade Agreement (FTA). The ToR was signed by Additional Secretary of the Department of Commerce Ajay Bhadoo and Eurasian Economic Commission’s Deputy Director of Trade Policy Department Mikhail Cherekaev in Moscow. The Ministry of Commerce and Industry, in a statement, said that the proposed FTA will boost exports, support Micro, Small and Medium Enterprises (MSMEs) and diversify market access.
During the signing ceremony, both sides noted that trade turnover between India-EAEU reached 69 billion dollars in 2024, registering a 7 per cent increase over 2023. The two sides also reaffirmed their commitment to the early conclusion of the agreement and to building a long-term institutional framework for trade cooperation. The Ministry said that 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.
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