♦ 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 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 percent 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.