During Prime Minister Narendra Modi’s recent visit to Russia, both sides decided to expedite the free trade agreement negotiations between India and the Eurasian Economic Union (EEU).
- The Eurasian Economic Union (EEU) has Russia, Belarus, Kazakhstan and Armenia as members.
- The founding member states of Belarus, Kazakhstan, and Russia established the union by treaty in 2014 and officially implemented the agreement beginning on January 1, 2015.
- The EAEU ensures the free movement of goods, services, labor, and capital between the states, and provides for common policies in the macroeconomic sphere, transport, etc..
- Unlike the treaty forming the Eurozone, the treaty forming the EAEU has not to date established a single currency.
