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15th March 2024 (11 Topics)

India – Eurasian Economic Union (EaEU) FTA Talks


India is “seriously considering” starting talks for a free trade agreement with the Eurasian Economic Union (EAEU), as per the Foreign Minister of Belarus.

1: Dimension-The Scope of EAEU

  • The Eurasian Economic Union (EAEU) is an economic union of five post-Soviet states — Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia — with an integrated single market.
  • Coming into force in 2015, the EEU currently consists of 183 million people and a gross domestic product of over USD 2.4 trillion.

2: Dimension- Impact of India-EAEU FTA

  • The agreement is expected to boost New Delhi’s exports to the region, particularly in areas such as engineering goods, electronics and agriculture, making trade more balanced.
  • The FTA will help the two partners will help them to collaborate in key areas such as oil and gas, gold and diamond, timber, pharmaceuticals, agriculture, aviation, railways and logistics.
  • If the trade agreement is concluded, it will further strengthen relations between India and Russia.

Fact Box: Trade Turnover

  • India's trade turnover with the EAEU in the 2022-23 full year amounted to $50.3 billion.
  • Meanwhile, trade turnover with Russia was $49.3 billion, with Kazakhstan $641 million, with Armenia $135.3 million, with Belarus $111.8 million and with Kyrgyzstan $56.6 million.
  • Supplies of crude oil from Russia were the main cause for the growth of trade with Russia.

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