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India and Russia reiterated their resolve to achieve $100 billion bilateral trade by 2030 in Moscow and reviewed steps for the India-Eurasian Economic Union (EAEU) free trade agreement in goods.
About Eurasian Economic Union (EAEU)
The EAEU is an international economic union and free trade zone comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, established by the Treaty on the Eurasian Economic Union in 2014 and effective since January 2015.
The Union pursues the free movement of goods, services, capital, and labour, coordination of economic policies, elimination of non-tariff trade barriers, and harmonization of regulations among members.
The EAEU covers a market of nearly 200 million people, with a combined GDP of $6.5 trillion, and is managed by its Supreme Eurasian Economic Council and Eurasian Economic Commission.
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