India has commenced formal negotiations for a free-trade agreement with the Russia-led Eurasian Economic Union (EAEU) on November 26, according to Piyush Goyal, the Union commerce and industry minister.
Key Highlights
- India has initiated free-trade negotiations with the Russia-led EAEU to expand market access and strengthen economic ties.
- The proposed agreement aims to boost exports for MSMEs, farmers, and fisheries by tapping new regional opportunities.
The EAEU comprises Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.
India and the EAEU had previously signed a Terms of Reference in August this year, outlining an 18-month workplan for the agreement.
The proposed pact is aimed at opening up new export markets for Indian businesses—especially MSMEs, farmers and the fisheries sector—by tapping into the EAEU region’s demand across various product segments.
This initiative is part of India’s broader strategy to diversify trade relationships beyond traditional markets and strengthen economic engagement with emerging and developing economies.
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India’s trade with Russia alone in the EAEU bloc stood at US $68.72 billion in the fiscal year 2024-25, with exports around US $4.88 billion and imports about US $63.84 billion.
New Delhi is also considering launching talks with the Southern African Customs Union (SACU)—which includes South Africa, Namibia, Botswana, Lesotho and Eswatini—to further expand its trade network.
