India will begin formal negotiations for a Free Trade Agreement (FTA) with the Russia-led Eurasian Economic Union (EAEU) from Wednesday, Commerce and Industry Minister Piyush Goyal announced on Tuesday.
Addressing a press conference in the national capital, Goyal said the discussions with the five-member EAEU bloc — Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan — will take place in New Delhi following the signing of the Terms of Reference on August 20, 2025.
“The FTA talks start from tomorrow here,” the minister said.
According to the ministry, the Terms of Reference outline an 18-month roadmap aimed at opening new markets for Indian businesses, particularly micro, small and medium enterprises (MSMEs), farmers and fishermen. The effort comes at a time when India is looking to diversify export destinations amid high tariff barriers in the United States.
Goyal added that India is simultaneously pursuing several other trade partnerships. The government is exploring a trade pact with the Southern African Customs Union (SACU), comprising South Africa, Namibia, Botswana, Lesotho and Eswatini. SACU is recognised as the world’s oldest customs union.
India is also working on the second phase of a Preferential Trade Agreement with Mercosur — the Latin American trading bloc made up of Brazil, Argentina, Uruguay and Paraguay.
In addition, virtual negotiations with Israel for an early harvest trade agreement will begin soon. India is seeking deeper cooperation in agricultural technology, innovation, mobility and services. The minister recently returned from Israel after signing the Terms of Reference for the FTA with Israel.
Speaking after the Board of Trade meeting, Goyal said India’s export performance remains steady despite global economic uncertainty. Preliminary data indicates growth in merchandise trade compared to the same period last year, while services exports have recorded a strong rise.
“Given the challenging circumstances across the world, India continues to be a shining star,” Goyal said, adding that overall exports remain on an upward track.
He cited India’s seafood industry as an example of adaptability in exports. Following concerns over the absence of a bilateral trade agreement with the United States, India shifted focus to the European Union market. After nine years, the EU approved 102 Indian fishing, fisheries and marine establishments, enabling a rapid increase in seafood shipments.
“We were able to increase our export of fish dramatically to Europe, and therefore our seafood export has also grown in the last three months,” the minister said.
Goyal described the Board of Trade meeting as productive, noting positive feedback on presentations related to the Export Promotion Mission and Commerce Ministry support programmes.
He praised Indian exporters for their resilience and confidence, saying they have consistently demonstrated the capability to navigate global challenges. (ANI)