New Delhi: India and the five-nation Eurasian Economic Union (EAEU) are set to start discussions for a free trade agreement from November. This forms part of the government’s efforts to fast-track an early-harvest FTA with EAEU in a bid to diversify markets for Indian exporters and harness natural resources from the region.
The decision was taken during a meeting between commerce and industry minister Piyush Goyal with the visiting minister in charge of trade of the Eurasian Economic Commission Andrey Slepnev on Tuesday.
The first round of talks will focus on the core aspects of the prospective agreement, setting the stage for detailed deliberations in subsequent phases.
In August, India and the EAEU comprising Armenia, Belarus, Kazakhstan, Kyrgyz Republic and the Russian Federation signed the terms of reference to launch negotiations for FTA. With a combined GDP of $6.5 trillion, the proposed FTA is expected to expand market access for Indian exporters.
