India, Eurasian Economic Commission Review Roadmap For Proposed FTA In Goods
The dialogue also covered practical measures related to logistics, payments and standards to improve predictability and ease of doing business for firms in both countries: Reports
New Delhi: Amid the move to diversify India’s export markets following high tariffs imposed by the US, the government on Sunday said that India and the five-nation grouping Eurasian Economic Commission reviewed the roadmap for their proposed free trade agreement (FTA) in goods with an aim to boost economic ties between the two. 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.
In the meeting with trade minister of Eurasian Economic Commission Andrey Slepnev, commerce secretary Rajesh Agrawal reviewed the next steps for the India- Eurasian Economic Union (EAEU) FTA in goods. “The terms of reference (ToR) 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 in a statement.
The commerce secretary visited Moscow last week to hold talks with both the minister in charge of trade of the Eurasian Economic Commission Slepnev and Russian deputy trade minister Mikhail Yurin. The five members of the EAEU are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
In order to promote trade between the two countries, India and Russia also deliberated upon ways to boost bilateral trade to $100 billion by 2030. In his discussions with Yurin, the commerce secretary discussed ways to enhance trade diversification, supply-chain resilience and cooperation in critical minerals.
“Both sides discussed a time-bound pathway across key sectors such as pharmaceuticals, telecom equipment, machinery, leather, automobiles and chemicals. The quarterly regulator-to-regulator engagement was agreed upon to address certification requirements, listings of agricultural and marine businesses, prevention of monopolistic practices and other non-tariff issues,” the ministry said.
The dialogue also covered practical measures related to logistics, payments and standards to improve predictability and ease of doing business for firms in both countries. With a combined GDP of about $6.5 trillion, the proposed free trade agreement is expected to expand market access for Indian exporters, support diversification into new sectors and geographies, enhance competitiveness against non-market economies, and deliver significant benefits to micro, small and medium enterprises (MSMEs).