India, Russia-led Eurasian bloc to begin negotiations on FTA soon

Subject : IR

Section: Groupings

Context: India, Russia-led Eurasian bloc to begin negotiations on FTA soon

More about the news:

India and the Eurasian Economic Union (EaEU), led by Russia, are poised to initiate negotiations on a free trade agreement (FTA) aimed at bolstering India’s exports to the region, particularly in engineering goods, electronics, and agriculture.
During a meeting in Moscow, External Affairs Minister S Jaishankar and Russian Deputy Prime Minister Denis Manturov discussed enhancing India’s engagement with the Russian Far East and affirmed plans for FTA negotiations.
Discussions on the FTA between India and the EaEU, comprising Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan, began in early 2020 but were delayed due to the Covid-19 pandemic.
Despite recent resumed talks, negotiations are still pending.

Some facts about Eurasian Economic Union (EaEU):

The Eurasian Economic Union (EEU) is an economic union of states located primarily in Northern Eurasia.
The Eurasian Economic Union consists of five member states : Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia.
It was formed in
The EEU aims to optimize the flow of goods and services among its member nations by coordinating policies and regulations, thereby creating a single economic space.