India and Eurasian Economic Union Pursue Limited Trade Agreement
India, Eurasian Economic Union discussing interim trade deal: Russia
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India and the Eurasian Economic Union (EAEU) are negotiating a temporary trade deal focused on selected goods, as part of broader discussions for a free trade agreement. Russia's Economic Development Minister highlighted the complexity of these negotiations, with ambitious requests from India.
- 01The negotiations are described as 'complex' by Russia's Economic Development Minister Maxim Reshetnikov.
- 02A 'limited and temporary' trade arrangement is being discussed, covering specific product groups.
- 03Russian President Vladimir Putin noted that trade liberalization talks with India have gained momentum recently.
- 04The EAEU, established in 2015, includes Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia, aiming for economic integration.
- 05Bilateral trade between India and the EAEU reached $69 billion in 2024, a 7% increase from the previous year.
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India and the Eurasian Economic Union (EAEU) are currently in discussions regarding a 'limited and temporary' trade arrangement that would cover specific groups of goods. This initiative is part of ongoing negotiations for a more comprehensive free trade agreement. Maxim Reshetnikov, Russia's Economic Development Minister, characterized the negotiations as 'complex', noting the ambitious requests from the Indian side. Russian President Vladimir Putin emphasized the increasing momentum of trade liberalization discussions with India during a meeting in Astana, Kazakhstan. The EAEU, which consists of five member states—Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia—was established in 2015 to enhance economic cooperation among its members. The formal negotiations for a free trade agreement between India and the EAEU began following the signing of the Terms of Reference in August 2025. As of 2024, bilateral trade turnover between India and the EAEU reached $69 billion, marking a 7% increase from the previous year, indicating a growing economic relationship between the two parties.
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The temporary trade arrangement could enhance market access for Indian goods in the EAEU, benefiting exporters and potentially increasing trade volumes.
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