Context: India is exploring the possibility to forge a free trade agreement with Eurasian Economic Union (EAEU).
About Eurasian Economic Union (EAEU):
- It is an international organization for regional economic integration.
- It has international legal personality and is established by the Treaty on the Eurasian Economic Union.
- It provides for free movement of goods, services, capital and labor, pursues coordinated, harmonized and single policy in the sectors determined by the Treaty and international agreements within the Union.
- Member-States: Russia, Kazakhstan, Kyrgyzstan, Belarus and Armenia.
- The Union is being created to comprehensively upgrade, raise the competitiveness of and cooperation between the national economies, and to promote stable development in order to raise the living standards of the nations of the Member-States.
- Each year, a Member State is elected chairman to head the Union. Chairmanship is passed from country to country in alphabetical order in the Russian language.