India Launches FTA Negotiations With Eurasian Economic Union
India will launch formal negotiations for a Free Trade Agreement (FTA) with the Russia-led Eurasian Economic Union (EAEU) starting today, Commerce and Industry Minister Piyush Goyal announced at a press conference in New Delhi on Tuesday. The EAEU bloc comprises Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. The discussions will begin following the signing of the Terms of Reference on August 20, 2025.
The Terms of Reference outline an 18-month roadmap focused on opening new markets for Indian businesses, particularly micro, small, and medium enterprises, as well as farmers and fishermen. This initiative is part of India’s strategy to diversify export destinations amid high tariffs from the United States.
Expanding Global Trade Partnerships
Beyond the EAEU negotiations, India is exploring trade partnerships with other major blocs. Discussions are underway for a trade pact with the Southern African Customs Union (SACU), which includes South Africa, Namibia, Botswana, Lesotho, and Eswatini. India is also negotiating the second phase of a preferential trade agreement with Mercosur, the Latin American bloc comprising Brazil, Argentina, Uruguay, and Paraguay.
Virtual negotiations with Israel for an early harvest trade agreement are also planned, with a focus on agricultural technology, innovation, mobility, and services. Goyal recently returned from Israel after signing the Terms of Reference for this agreement.
Export Performance And Industry Success
Goyal expressed satisfaction with India’s trade performance amid global economic uncertainty. Merchandise trade has shown growth year-on-year, and services exports have recorded substantial gains. He highlighted India’s seafood industry as a prime example of export adaptability.
Despite concerns over the absence of a US bilateral trade agreement, India successfully pivoted to the European Union market. After nine years of waiting, the EU approved 102 Indian fishing, fisheries, and marine establishments, increasing seafood exports significantly.
The Board of Trade meeting was described as highly productive, with positive feedback on the Export Promotion Mission and Commerce Ministry support programs. Goyal commended Indian exporters for their resilience and determination, emphasizing their ability to overcome challenges and remain confident in global markets.
(This News Has Been Syndicated From ANI, Mildy Edited For Clarity)
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