New Delhi, Nov 25 (PTI) India and the Russia-led EAEU group will start formal negotiations for a trade agreement from Wednesday, Commerce and Industry Minister Piyush Goyal said on Tuesday.

India and the five-nation grouping, the Eurasian Economic Union (EAEU), on August 20 inked the terms of reference for the agreement.

"The FTA talks start from tomorrow here," Goyal told reporters here.

The Terms of Reference signed on 20th August 2025 outline an 18-month work plan aimed at diversifying markets for Indian businesses, including MSMEs, farmers and fishermen.

Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan are the five member countries of EAEU.

The development is important as India is looking to diversify its export markets due to high tariffs imposed by the US.

Goyal also informed that there is potential for talks on a trade pact with SACU (Southern African Customs Union). SACU nations include South Africa, Namibia, Botswana, Lesotho and Eswatini. It is the world's oldest customs union -- over a century old.

Discussions are also on for the second phase of a preferential trade agreement with the Mercosur bloc. Mercosur is a trading bloc in Latin America, comprising Brazil, Argentina, Uruguay and Paraguay.

He added that negotiations with Israel will commence soon, virtually for an early harvest trade agreement. India is keen to collaborate with Israel in areas such as agriculture tech, innovation, mobility and services. PTI RR MR

India begins FTA talks with the Russia-led EAEU to diversify export markets and bolster MSME, farm and fisheries trade. India will begin formal negotiations with the Russia-led EAEU under Terms of Reference establishing an 18 month work plan to negotiate an FTA intended to diversify export markets and support MSMEs, farmers and fishermen; the EAEU members are Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. Parallel initiatives include potential talks with the Southern African Customs Union, a second phase of a preferential trade agreement with Mercosur, and upcoming virtual negotiations with Israel on an early harvest trade agreement covering agriculture technology, innovation, mobility and services.