Exporters to gain new markets: India signs ToR to begin FTA talks with Eurasian Economic Union
India–EAEU trade reached USD 69 billion in 2024, marking a 7% increase from 2023.
- Aug 20, 2025,
- Updated Aug 20, 2025 6:04 PM IST
India and the Eurasian Economic Union (EAEU) have signed the Terms of Reference (ToR) to officially launch negotiations for a Free Trade Agreement (FTA), the Ministry of Commerce and Industry announced on Wednesday. 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 of the Eurasian Economic Commission (EEC).
The EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyz Republic and the Russian Federation. According to the ministry, the proposed FTA aims to boost India's exports, support its micro, small, and medium enterprises (MSMEs), and diversify market access for Indian goods.
During the visit, Bhadoo also met Andrei Slepnev, Minister in charge of Trade at the EEC. The heads of negotiation groups briefed the minister on the milestone achieved with the ToR signing and discussed the next steps to formally launch the negotiation process, including organizational aspects of the future deal.
"India and the Eurasian Economic Union (EAEU) signed the Terms of Reference (ToR) to launch negotiations on a Free Trade Agreement (FTA) today in Moscow," the statement said.
India–EAEU trade reached USD 69 billion in 2024, marking a 7% increase from 2023. With the EAEU's combined GDP standing at USD 6.5 trillion, the Ministry said 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)."
The ToR provides a framework for the negotiations and aims to "unlock untapped trade potential, increase investments and establish a stronger, durable India–EAEU economic partnership."
India is currently engaged in negotiations for a trade deal with the United States. Separately, New Delhi recently concluded a bilateral trade agreement with the United Kingdom.
India and the Eurasian Economic Union (EAEU) have signed the Terms of Reference (ToR) to officially launch negotiations for a Free Trade Agreement (FTA), the Ministry of Commerce and Industry announced on Wednesday. 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 of the Eurasian Economic Commission (EEC).
The EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyz Republic and the Russian Federation. According to the ministry, the proposed FTA aims to boost India's exports, support its micro, small, and medium enterprises (MSMEs), and diversify market access for Indian goods.
During the visit, Bhadoo also met Andrei Slepnev, Minister in charge of Trade at the EEC. The heads of negotiation groups briefed the minister on the milestone achieved with the ToR signing and discussed the next steps to formally launch the negotiation process, including organizational aspects of the future deal.
"India and the Eurasian Economic Union (EAEU) signed the Terms of Reference (ToR) to launch negotiations on a Free Trade Agreement (FTA) today in Moscow," the statement said.
India–EAEU trade reached USD 69 billion in 2024, marking a 7% increase from 2023. With the EAEU's combined GDP standing at USD 6.5 trillion, the Ministry said 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)."
The ToR provides a framework for the negotiations and aims to "unlock untapped trade potential, increase investments and establish a stronger, durable India–EAEU economic partnership."
India is currently engaged in negotiations for a trade deal with the United States. Separately, New Delhi recently concluded a bilateral trade agreement with the United Kingdom.