New Delhi, Nov 16: India and the five-nation grouping Eurasian Economic Commission have reviewed the roadmap for their proposed free trade agreement in goods with an aim to boost economic ties between the two, according to an official statement on Sunday.
On August 20 this year, India and the Eurasian Economic Union bloc inked terms of reference to start formal negotiations for a proposed free trade agreement.
Commerce Secretary Rajesh Agrawal has visited Moscow last week to hold talks with Minister in charge of Trade of the Eurasian Economic Commission Andrey Slepnev and Russian Deputy Minister of Industry and Trade Mikhail Yurin.
“In the meeting with Minister Slepnev, the Commerce Secretary reviewed the next steps for the India-EAEU FTA in goods. The Terms of Reference signed on 20 August 2025 outline an 18-month work plan aimed at diversifying markets for Indian businesses, including MSMEs, farmers and fishermen,” the commerce ministry said on Sunday.
The five members of the Eurasian Economic Union (EAEU) are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
The development is important as India is looking to diversify its export markets due to high tariffs imposed by the US. (PTI)
