India, Eurasian bloc sign terms to launch negotiations for FTA

India and the Eurasian Economic Union (EEU), comprising Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan, on Wednesday signed the terms of reference (ToR) to launch negotiations on a free trade agreement (FTA).

- SHREYA NANDI

Russia, the largest member of the EEU bloc, is also India's biggest trading partner within it, accounting for more than 92 percent of total trade.

The announcement comes amid strained relations between India and the United States (US), with Washington turning up the pressure on New Delhi by imposing additional import tariffs. The move is aimed at curbing India's trade, particularly oil imports, with Russia. The new tariffs, set to take effect next week, are seen as America's attempt to tighten the screws on Moscow and hasten an end to the three-year-long Russia-Ukraine conflict.