India and EEU Nearing Free Trade Agreement

India and the Eurasian Economic Union (EEU), comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, are working on finalizing a free trade agreement. Officials from both sides, including Additional Secretary Anant Swarup, have been consulting stakeholders to detail the terms. This agreement aims to enhance market access for Indian goods and services.

India and the Eurasian Economic Union (EEU) are moving towards finalizing a free trade agreement, according to Anant Swarup, Additional Secretary in the Department of Commerce. The EEU consists of Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.

Chief negotiators from both sides have met to define the agreement's broad contours. Ongoing stakeholder consultations in India and Russia are expected to finalize the terms of reference soon, enabling the next steps in the negotiations.

This trade pact will likely eliminate or significantly reduce customs duties on traded goods, offering greater market access. Russia remains India's top trading partner in the EEU, with significant bilateral trade driven by crude oil imports.

(With inputs from agencies.)