India, Eurasian Economic Commission To Start Trade Talks Early November
Minister of Commerce and Industry Piyush Goyal met Minister In Charge of Trade of the Euroasian Economic Commission Andrey Slepnev on Monday.
India and Eurasian Economic Union will hold first round of talks for a free trade agreement, early November. The announcement followed Minister of Commerce and Industry Piyush Goyal's recent meeting with Minister in Charge of Trade of the Eurasian Economic Commission Andrey Slepnev in Moscow.
The focus will be on discussing the core aspects of the future deal. Intensive consultations between Indian partners and Eurasian Economic Union, and EAEU member states will be held before the first round of talks commence, according to a statement by the Russian Embassy.
Goyal met Slepnev on Monday. In the meeting, they agreed to maintain regular contac to ensure comprehensive support throughout the negotiation process, as per statement by Russian Embassy. Both the ministers highlighted an endorsement of roadmap to facilitate and fast-track negotiation 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 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 struggle to clinch a deal with US which is the largest export market for the country. The talks between the US and India have resumed on Monday. US Chief Negotiator Brendan Lynch along with teams consulted with the Indian counterparty under the leadership of Special Secretary Rajesh Agarwal
