India indicators Terms of Reference for commerce cope with Russia and others

India and the Eurasian Economic Union (EAEU), comprising Russia, Armenia, Belarus, Kazakhstan, and the Kyrgyz Republic, on Wednesday (August 20, 2025) signed the Terms of Reference (ToR) to launch negotiations on a Free Trade Agreement (FTA), the Indian authorities introduced.

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This comes amid strain from the U.S. — within the type of extra tariffs on imports from India — to scale back its financial ties with Russia.

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The ToR had been signed by Ajay Bhadoo, Additional Secretary within the Department of Commerce within the Government of India and Mikhail Cherekaev, Deputy Director within the Trade Policy Department within the Eurasian Economic Commission (EEC).

“Both sides famous the rising commerce turnover between India and the EAEU, which stood at $69 billion in 2024, registering a 7% improve over 2023,” the Ministry of Commerce and Industry mentioned in a launch. 

“With a mixed GDP of $6.5 trillion, the proposed FTA is predicted to broaden market entry for Indian exporters, assist diversification into new sectors and geographies, improve competitiveness in opposition to non-market economies, and ship vital advantages to Micro, Small and Medium Enterprises (MSMEs),” it added.

The Ministry added that either side of the settlement reaffirmed their dedication to an “early conclusion” of the FTA and to “constructing a long-term institutional framework for commerce cooperation”.