India and the Eurasian Economic Union (EAEU) are making strides in their trade negotiations, focusing on a temporary trade arrangement that would cover selected goods. This development is part of broader discussions for a proposed free trade agreement (FTA), as confirmed by Russia's Economic Development Minister Maxim Reshetnikov.
Complex Negotiations
Reshetnikov described the negotiations as "complex," highlighting the ambitious nature of India's requests. "Things are more complicated with India: the economy is larger, mutual interests are more complex," he stated in an interview with the Vesti programme, as reported by the state-run TASS news agency.
"Therefore, we are currently discussing a limited and temporary free trade zone, that is, for a list of goods defined by product groups," Reshetnikov added.
Momentum from Leadership
The remarks from Reshetnikov came shortly after Russian President Vladimir Putin noted the momentum in trade liberalisation talks with India. Speaking at the Supreme Eurasian Economic Council meeting in Astana, Kazakhstan, Putin emphasized the EAEU's commitment to expanding trade agreements with new partners.
EAEU Overview
The EAEU is a five-member economic bloc comprising Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia. Established in 2015, the union aims to foster economic integration through a common market and the removal of trade barriers.
| Year | Bilateral Trade Turnover | Growth Rate |
|---|---|---|
| 2024 | $69 billion | 7% |
Future Prospects
The India-EAEU FTA process has gained traction since August 2025, when both parties signed the Terms of Reference to formally launch negotiations. The first round of talks occurred in November 2025, setting the stage for ongoing discussions.
The EAEU's strategy includes careful analysis of all aspects of cooperation, as they seek to establish new FTAs with partners like India. The interim deal for select goods could pave the way for a more comprehensive agreement in the future.
