India and the Eurasian Economic Union inked a ToR in Moscow to start FTA talks aimed at boosting trade and MSMEs.
India and the Eurasian Economic Union (EAEU) have signed the Terms of Reference (ToR) to formally launch negotiations for a Free Trade Agreement (FTA). The signing took place in Moscow between Shri Ajay Bhadoo, Additional Secretary, Department of Commerce, Government of India, and Mikhail Cherekaev, Deputy Director, Trade Policy Department, Eurasian Economic Commission (EEC).
During the visit, Shri Bhadoo also met Andrei Slepnev, Minister in charge of Trade at the EEC, to discuss next steps in advancing the FTA process. The two sides underlined the importance of the agreement in unlocking trade potential and strengthening long-term economic cooperation.
Trade between India and the EAEU, which comprises Armenia, Belarus, Kazakhstan, Kyrgyz Republic, and the Russian Federation, reached USD 69 billion in 2024, marking a 7% rise over the previous year. The proposed FTA, backed by the bloc’s combined GDP of USD 6.5 trillion, is expected to expand India’s market access, support MSMEs, attract investments, and enhance competitiveness in new sectors and geographies.
Source: PIB Delhi
