- What is it?: The Eurasian Economic Union (EAEU) is an economic union established to promote economic integration and cooperation among member states, primarily focusing on Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan.
- Launch: 2015
- Aim: To create a common market similar to the European Union, facilitating the free movement of goods, services, capital, and labor among its members, while promoting economic stability, shared infrastructure, and a unified regulatory framework.
- Objectives
- Economic Integration: Develops a single economic space among member states, fostering closer economic ties and harmonizing economic policies.
- Free Movement: Allows the free flow of goods, services, capital, and labor to support seamless trade and employment across member states.
- Unified Regulations: Establishes common regulations in areas like customs, competition, and technical standards to simplify business and trade within the region.
India and Eurasian Economic Union (EAEU)
- Trade Opportunities: An India-EAEU Free Trade Agreement (FTA) could open new trade routes and markets for Indian goods, especially in pharmaceuticals, agriculture, and information technology.
- Energy Security: India could gain easier access to EAEU’s vast energy resources, including oil and natural gas from Russia and Kazakhstan, enhancing India’s energy security.
- Connectivity Initiatives: India aims to improve connectivity with the EAEU through the International North-South Transport Corridor (INSTC), enhancing trade efficiency.