India and the Eurasian Economic Union (EAEU) are currently engaged in discussions regarding a limited and temporary trade arrangement that would cover selected groups of goods. This development is part of broader negotiations for a proposed free trade agreement (FTA) between the two parties, according to Russia's Economic Development Minister Maxim Reshetnikov, as reported by PTI citing a media report.
Complex Negotiations with Ambitious Requests
Describing the negotiations as "complex," Reshetnikov noted that the Indian side's requests were "quite ambitious." In an interview with the Vesti programme, as per the state-run TASS news agency, he stated: "Things are more complicated with India: the economy is larger, mutual interests are more complex, so to speak. And, frankly, our colleagues' requests are also quite ambitious." He added, "Therefore, we are currently discussing a limited and temporary free trade zone, that is, for a list of goods defined by product groups."
Putin Highlights Momentum in Trade Talks
Reshetnikov's remarks came shortly after Russian President Vladimir Putin indicated that negotiations on trade liberalisation between India and the EAEU had gained momentum. Speaking at a meeting of the Supreme Eurasian Economic Council in Kazakhstan's capital Astana, Putin was quoted by TASS as saying: "Last year trade agreements were concluded with Mongolia and the United Arab Emirates, as well as with Indonesia, intensifying negotiations on trade liberalisation with India." The Russian president further emphasised that the EAEU supported launching talks on free trade agreements with new partners and that all aspects of such cooperation would be carefully analysed.
Background on the EAEU
The EAEU is a five-member economic bloc comprising Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia. Established in 2015, the grouping aims to promote economic integration through a common market, removal of trade barriers, and coordination of economic policies among member states.
Progress in India-EAEU FTA Talks
The India-EAEU free trade agreement process has gained momentum in recent years. In August 2025, India and the EAEU signed the Terms of Reference to formally launch negotiations for a free trade agreement. At that time, both sides reported that bilateral trade turnover had reached $69 billion in 2024, representing a 7 per cent increase from the previous year. The first round of negotiations was held in November last year.
These developments underscore the growing economic ties between India and the EAEU, as both sides work towards a comprehensive trade agreement that could further boost bilateral commerce.
