India's Trade Pivot: FTA Talks with Russia-Led Bloc Begin Wednesday

The minister said that the FTA discussions with the five-member Eurasian Economic Union (EAEU) bloc--comprising Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan will begin in New Delhi following the signing of Terms of Reference on August 20, 2025.

"The FTA talks start from tomorrow here," Goyal stated.

The Terms of Reference lay out an 18-month roadmap focused on opening new markets for Indian businesses, particularly micro, small and medium enterprises, farmers and fishermen. The initiative gains significance as India seeks to diversify its export destinations amid high tariffs imposed by the United States.

Beyond the EAEU talks, Goyal revealed India is pursuing several other trade partnerships. The government is exploring the possibility of a trade pact with the Southern African Customs Union (SACU), which includes South Africa, Namibia, Botswana, Lesotho and Eswatini. The minister noted that SACU is the world's oldest customs union, dating back over a century.

India is also in discussions for the second phase of a preferential trade agreement with Mercosur, the Latin American trading bloc consisting of Brazil, Argentina, Uruguay and Paraguay.

Virtual negotiations with Israel for an early harvest trade agreement will begin soon, with India particularly interested in cooperation on agricultural technology, innovation, mobility and services, the minister added. Goyal has returned from Israel after signing the Terms of Reference for FTA with Israel.

Speaking after the Board of Trade meeting, Goyal expressed satisfaction with India's trade performance amid global economic uncertainty. According to preliminary report, merchandise trade has registered growth compared to the corresponding period last year, while services exports have shown substantial gains.

"Given the challenging circumstances across the world, India continues to be a shining star," Goyal said, adding that the country's exports collectively remain on an upward trajectory.

The minister highlighted India's seafood industry as a prime example of the country's adaptability in exports. Despite initial concerns about potential losses due to the absence of a US bilateral trade agreement, India successfully pivoted to the European Union market.

After nine years of waiting, the EU approved 102 Indian fishing, fisheries and marine establishments--a breakthrough achieved through negotiations that linked quality control measures with establishment approvals.

"We were able to increase our export of fish dramatically to Europe, and therefore our seafood export has also grown in the last three months," Goyal explained.

The minister described the Board of Trade meeting as highly productive, with participants displaying enthusiasm and confidence. The Director General of Foreign Trade's presentation on the Export Promotion Mission, along with detailed briefings on various Commerce Ministry schemes and support programmes, received widespread appreciation.

Goyal commended Indian exporters for their resilience and determination. "Our Indian business, our Indian exporters are resilient, they are full of confidence, they have the ability to face challenges," he said.

- ANI