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Eurasian Economic Union (EAEU)
Why in news?
  • Commerce Secretary Rajesh Agrawal met EAEU officials in Moscow to accelerate the India-EAEU FTA, boost trade diversification, and strengthen supply-chain resilience, targeting $100 billion trade by 2030.
  • Focus areas included expanding Indian exports in pharmaceuticals, telecom, machinery, leather, automobiles, and chemicals.
  • Both sides agreed on quarterly regulator-level engagements to address certification and non-tariff barriers and explored collaboration in critical minerals.
 About EAEU
  • Member States: The EAEU consists of five countries—all former Soviet republics: Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia.
  • Establishment: The Treaty on the Eurasian Economic Union was signed on May 29, 2014, and the union came into effect on January 1, 2015.
  • Historical Background: It evolved from earlier integration efforts such as the Eurasian Customs Union (2010) and the Single Economic Space (2012).
  • Population and Economy: The EAEU comprises about 180 to 200 million people with a combined GDP of over $2.4 to $5 trillion, making it a significant economic bloc in Eurasia.
  • Objectives: The union aims to raise economic competitiveness, increase cooperation among members, promote stable economic development, and improve living standards.
  • Market Integration: The EAEU provides for free movement of goods, services, capital, and labor among member states, as well as coordinated policies in macroeconomics, transport, industry, agriculture, energy, foreign trade, customs, technical regulation, competition, and antitrust.
  • Governance: The Union is governed by the Supreme Eurasian Economic Council (comprising the heads of member states) and a regulatory body called the Eurasian Economic Commission, which is responsible for the union's functioning and development.
  • Historical Background: It evolved from earlier integration efforts such as the Eurasian Customs Union (2010) and the Single Economic Space (2012).

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