India, EAEU Sign ToR to Begin Free Trade Agreement Negotiations

India and the Eurasian Economic Union (EAEU) have signed the Terms of Reference (ToR) to begin negotiations for a Free Trade Agreement (FTA). The EAEU consists of Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, and Russia.

Key Details of the Agreement

• The proposed FTA aims to boost exports, support Micro, Small and Medium Enterprises (MSMEs), and diversify market access for both sides.
• The trade turnover between India and the EAEU reached $69 billion in 2024, which is a 7% increase over the previous year.
• The ToR provides the framework for the negotiations and is expected to unlock untapped trade potential, increase investments, and establish a stronger, more durable economic partnership.
• Both sides have reaffirmed their commitment to concluding the agreement promptly and building a long-term institutional framework for trade cooperation.