India-EAEU Free Trade Agreement Discussions
India is set to commence talks with the Eurasian Economic Union (EAEU) on establishing a Free Trade Agreement (FTA) starting in November.
Key Objectives
- Accelerate an early-harvest FTA with EAEU.
- Diversify markets for Indian exporters.
- Utilize natural resources from the EAEU region.
Meeting Details
- A meeting was held between India's Commerce and Industry Minister, Piyush Goyal, and Andrey Slepnev, the minister in charge of trade for the Eurasian Economic Commission.
- The first round of discussions will concentrate on core aspects of the agreement, paving the way for more detailed negotiations in future phases.
EAEU Composition and Economic Impact
- The EAEU comprises five nations: Armenia, Belarus, Kazakhstan, Kyrgyz Republic, and the Russian Federation.
- The EAEU has a combined GDP of $6.5 trillion, indicating significant potential for market access expansion for Indian exporters.
Background
- In August, India and EAEU signed the terms of reference to begin negotiations for the FTA.
