India, EAEU Sign ToR to Begin Free Trade Agreement Negotiations
India signs Terms of Reference with Eurasian Economic Union to start Free Trade Agreement negotiations
Key Highlights / UPSC Analysis:
- Parties Involved: India and Eurasian Economic Union (EAEU: Armenia, Belarus, Kazakhstan, Kyrgyz Republic, Russia).
- Event: Signing of Terms of Reference (ToR) to launch FTA negotiations.
- Signatories: Ajay Bhadoo (Additional Secretary, Dept. of Commerce, India) & Mikhail Cherekaev (Deputy Director, Trade Policy, Eurasian Economic Commission).
- Objectives of FTA:
- Boost exports.
- Support Micro, Small & Medium Enterprises (MSMEs).
- Diversify market access.
- Trade Data: India-EAEU trade turnover reached USD 69 billion in 2024, up 7% from 2023.
- Significance:
- Strengthens India-EAEU economic partnership.
- Unlocks untapped trade potential and investment opportunities.
- Establishes long-term institutional framework for trade cooperation.
UPSC Relevance:
- Economics & International Relations: Important for prelims and mains questions on trade agreements, regional economic groups, and India’s foreign trade policy.
- MSME & Export Policy: Highlights government measures to support domestic enterprises.
Updated - August 21, 2025 11:46 AM | News On Air
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