{"id":51926,"date":"2025-08-22T19:41:20","date_gmt":"2025-08-22T14:11:20","guid":{"rendered":"https:\/\/www.nextias.com\/ca\/?p=51926"},"modified":"2025-08-25T13:01:01","modified_gmt":"2025-08-25T07:31:01","slug":"india-eaeu-fta-tor","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/22-08-2025\/india-eaeu-fta-tor","title":{"rendered":"India, EAEU Sign ToR to Begin Free Trade Agreement Negotiations"},"content":{"rendered":"\n<p><strong>Syllabus :GS2\/IR<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>In News<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>India and the <strong>Eurasian Economic Union (EAEU)<\/strong> signed the <strong>Terms of Reference (ToR) <\/strong>to launch negotiations on a <strong>Free Trade Agreement (FTA) <\/strong>in Moscow.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Eurasian Economic Union (EAEU)<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Eurasian Economic Union (EAEU) is an <strong>international organization<\/strong> of regional economic integration with international legal personality.&nbsp;<\/li>\n\n\n\n<li>Its goal is to <strong>enhance cooperation, boost competitiveness, and support the stable development of member economies.<\/strong><\/li>\n\n\n\n<li>It ensures the free movement of goods, services, capital, and labor, and pursues coordinated policies among its members.&nbsp;<\/li>\n\n\n\n<li><strong>Members: <\/strong>It comprises Armenia, Belarus, Kazakhstan, Kyrgyz Republic and the Russia\n<ul class=\"wp-block-list\">\n<li>The Union membership is open for any state, which shares the goals and principles of&nbsp; the EAEU, on the terms agreed by Member States.&nbsp;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Benefits<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The proposed FTA is expected to <strong>expand market access for Indian exporters,<\/strong> support diversification into new sectors and geographies, enhance competitiveness against non-market economies, and deliver significant benefits to Micro, Small and Medium Enterprises (MSMEs).<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXffQ57EONNA7Kjb1oUnBnboI1GD5udECfq-NDPyHRvLI8gF98WevyuksZS7TL1R9QZVjBi6alX4vpVK76YyfVFYU51pbUIPYCqFA_qlKJbKNl8n1ZASOX3BCr5_kQn6ZpawBindcw?key=Rh6AVcyE1ER_vJyDTiPQNg\" alt=\"\" style=\"aspect-ratio:1;width:348px;height:auto\"\/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><strong>Challenges&nbsp;<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>India-Russia trade has grown significantly since Russia\u2019s invasion of Ukraine in 2022, especially with Russia now accounting for 35\u201340% of India\u2019s oil imports, up from under 2%.<\/li>\n\n\n\n<li>However, India\u2019s exports to Russia have only modestly increased, creating a trade deficit exceeding $60 billion.\n<ul class=\"wp-block-list\">\n<li>To address this, India is revisiting rupee-ruble trade mechanisms after earlier efforts failed, while Russia-China trade has successfully shifted to domestic currencies.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Meanwhile, <strong>India faces steep tariffs from the US,<\/strong> prompting exporters to seek alternative markets like Russia for textiles and pharmaceuticals. Currently, India mainly exports engineering goods, electronics, and pharmaceuticals to Russia.\n<ul class=\"wp-block-list\">\n<li>Reports warn that rising US tariffs\u2014potentially reaching 50%\u2014could severely impact Indian exports.&nbsp;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>Source :<a href=\"https:\/\/www.pib.gov.in\/PressReleasePage.aspx?PRID=2158480\" rel=\"nofollow noopener\" target=\"_blank\">PIB<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<h3><strong>In News<\/strong><\/h3>\n<li class=\"ms-5\">India and the Eurasian Economic Union (EAEU) signed the Terms of Reference (ToR) to launch negotiations on a Free Trade Agreement (FTA) in Moscow.<\/li>\n<p><\/p>\n<h3><strong>Eurasian Economic Union (EAEU)<\/strong><\/h3>\n<li class=\"ms-5\">The Eurasian Economic Union (EAEU) is an international organization of regional economic integration with international legal personality.\u00a0<\/li>\n<li class=\"ms-5\">Its goal is to enhance cooperation, boost competitiveness, and support the stable development of member economies.<\/li>\n<li class=\"ms-5\">It ensures the free movement of goods, services, capital, and labor, and pursues coordinated policies among its members.\u00a0<\/li>\n<li class=\"ms-5\">Members: It comprises Armenia, Belarus, Kazakhstan, Kyrgyz Republic and the Russia<\/li>\n<p><a href=\"https:\/\/www.nextias.com\/ca\/current-affairs\/22-08-2025\/india-eaeu-fta-tor\" class=\"btn btn-primary btn-sm float-end\">Read\u00a0More<\/a><\/p>\n","protected":false},"author":15,"featured_media":51979,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-51926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2025\/08\/india-eaeu-fta-tor.png","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/51926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=51926"}],"version-history":[{"count":4,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/51926\/revisions"}],"predecessor-version":[{"id":52068,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/51926\/revisions\/52068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media\/51979"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=51926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=51926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=51926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}