India and EAEU Embark on a New Trade Agreement Journey

India and the Eurasian Economic Union (EAEU) are starting negotiations for a trade agreement. The talks, involving Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, aim to diversify Indian export markets. This move comes amidst India's significant trade with Russia and is part of broader global trade discussions.

India is set to commence formal negotiations for a trade agreement with the Russia-led Eurasian Economic Union (EAEU), according to a statement by Commerce and Industry Minister Piyush Goyal. The negotiations, starting Wednesday, come after the signing of terms of reference for the agreement on August 20.

The EAEU, comprising Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, presents a strategic opportunity for India to diversify its export markets amid high tariffs by the US. The 18-month work plan outlined in the agreement is designed to benefit Indian businesses, including MSMEs, farmers, and fishermen.

Significant trade already occurs between India and EAEU, particularly with Russia, which recorded a trade volume of USD 68.72 billion in 2024-25. The focus on expanding trade discussions aligns with India's broader goals, as talks with SACU, Mercosur, and Israel are also underway.

(With inputs from agencies.)