India and EAEU to Embark on FTA Negotiations

India and the EAEU group are set to begin formal negotiations for a trade agreement, as announced by Commerce Minister Piyush Goyal. The EAEU consists of Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. This move aims to diversify India's export markets amid high US tariffs.

India is gearing up to initiate formal negotiations for a trade agreement with the Eurasian Economic Union (EAEU), a conglomerate spearheaded by Russia, announced Commerce and Industry Minister Piyush Goyal on Tuesday.

The terms of reference for the agreement, signed on August 20, 2025, outline a comprehensive 18-month work plan aimed at broadening market access for Indian enterprises, particularly benefiting MSMEs, farmers, and fishermen.

This development comes as India seeks to mitigate the impact of punitive tariffs from the US. Additionally, India is exploring trade pact opportunities with the Southern African Customs Union and Mercosur, while engaging in talks for an early harvest trade agreement with Israel.

(With inputs from agencies.)