Published: 23rd Mar, 2024
Context
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.
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Fact Box: Trade Turnover
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