India, Eurasian Economic Commission To Start Trade Talks For FTA In Early November

India and a grouping of four Eurasian countries including Russia will hold the first round of talks for a free trade agreement in early November, according to the Russian Embassy in India.

The announcement followed India's Commerce Minister Piyush Goyal's meeting with Minister in Charge of Trade of the Eurasian Economic Commission Andrey Slepnev in New Delhi.

"The Ministers agreed on an approach under which the first round of negotiations is set to take place in early November this year in India and focus on discussing the core aspects of the future deal. It will be preceded by intensive consultations between the Commission, Indian partners, and the EAEU Member States," the Embassy stated.

In the meet on Monday, the two leaders highlighted an endorsement of roadmap to facilitate and fast-track negotiations on the free trade agreement between Eurasian Economic Union and India.

Eurasian Economic Union is comprised of Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. Eurasian Economic Commission is supranational regulatory body for the union and it ensures smooth function and development of the five-nation bloc. The bloc's headquarter are in Moscow.

In late August, India's Chief Negotiator for the Eurasian pact, Ajay Bhadoo signed the terms of reference with Eurasian Economic Commission Deputy Director Mikhail Cherekaev. A ToR is a foundational document which set framework for negotiation between two countries.

India's trade with Euroasian Economic Union rose 7% on the year to $69 billion in 2024.

A FTA with the five-nation bloc will give Indian exporters access to $6.5-trillion market. It will likely promote fair competition between non-market economies and diversifying into new sectors.

The development comes amid India's recent negotiations to clinch a deal with the US, which is the largest export market for the country. The talks between the US and India have resumed on Tuesday.