India will launch formal negotiations for a Free Trade Agreement (FTA) with the Russia-led Eurasian Economic Union (EAEU) today. Commerce and Industry Minister Piyush Goyal announced that the FTA discussions with the five-member EAEU –comprising Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan will begin in New Delhi following the signing of Terms of Reference on August 20, 2025. 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, Mr 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.