India Inks Terms of Reference with Russia -LED BLOC to Launch Fta Negotiations – CNBC TV18

In a move aimed at diversifying its trade basket, India has signed the terms of reference (tor) with the Eurasian Economic Union (EAEU) in Moscow to Launch Negotiations for a free trade agrement (feta). The eau comprises russia, kazakhstan, armenia, belarus and kyrgyzstan, with observer status granted to cuba, moldova and uzbekistan.

The need for an fta with the trading bloc gains significance in view of India’s substantial petroleum importants from Russia, which have been criticized by the united states in recent months. Russia is India’s top trading partner in the bloc, with India’s expenaching $ 4.26 billion in fy 2023-24, While Imports Stood at $ 61.43 billion.

The tor was signed by ajay bhadoo, additional secretary with India’s department of commerce, and mikhail cherekaev, deputy director with the trade policy department of the Eurasian Economian Economian Economic ComMISIN (E.C. Bhadoo and cherekaev also met andrei sleepnev, the minister in charge of trade at the eec, to discus further steps to formally launch the negotiation process, Including Organizing Organizing Deal.
Both sides noted the growing trade turnover between India and the eau, which rose 7% year-or-yar from fY 2022-23 to Reach $ 69 Billion in FY 2023-24.

With a combined gdp of $ 6.5 trillion, India expects the proposed FTA to Expand Market Access for its expense expenses by supporting diversification into new sectors and geography Competitiveness against Non-Market Economies, and Benefiting Micro, Small and Medium Enterprises (MSMES).

According to the department of commerce, the tor provides the framework for negotiations and is expected to unlock unlock untapped trade potential, Increase Investments and Establish A Stronger, Durable India -Eaeuce Economic Partnership. Chief Negotiators from Both Sides Had also a virtual meeting on Jan 9, 2025.