A delegation from India was in Russia last week to discuss the next steps to take in the negotiations on the India-Eurasian Economic Union (EAEU) free trade agreement (FTA) to enhance trade diversification, supply-chain resilience and cooperation in critical minerals, said government officials.
Led by Commerce Secretary, Rajesh Agrawal, the team reviewed the progress of the trade talks in a series of meetings in Moscow to build upon the outcomes of the India-Russia Working Group on Trade and Economic Cooperation.
During his visit, Agarwal met the Minister in charge of Trade of the Eurasian Economic Commission, Andrey Slepnev, Deputy Minister of Industry and Trade of the Russian Federation, Mikhail Yurin, and also addressed a business networking plenary with members of Indian and Russian industries in attendance.
“In the meeting with Minister Slepnev, the Commerce Secretary reviewed the next steps for the India-EAEU FTA in goods. The Terms of Reference signed on 20 August 2025 outline an 18-month work plan aimed at diversifying markets for Indian businesses, including MSMEs, farmers and fishermen,” the commerce ministry said on Sunday.
India aims to deepen its trade and economic engagement with Russia as it works towards its Viksit Bharat mission by 2047. As part of the FTA, India and Russia are hoping to reach a target of USD 100 billion in bilateral trade by 2030 through an expansion in Indian exports via industrial and technological collaborations.
The five members of the Eurasian Economic Union (EAEU) are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
Encouraging companies to align their projects with the 2030 bilateral trade target, Agarwal highlighted India’s logistics upgrades, digital public infrastructure and opportunities for co-investment and co-production across goods and services.
Also Read: First round of India-EAEU trade talks to begin in Nov
Emphasising upon the need to broaden the export basket, de-risk supply chains and convert planned projects into actionable contracts that enhance value and volume, the senior official said generating more jobs and long-term prosperity for people in both countries should be their focus.
In the meeting with Slepnev, Agarwal reviewed the next steps for the India-EAEU FTA in goods, since the Terms of Reference (ToR) were signed on August 20, 2025, outlining an 18-month work plan aimed at diversifying markets for Indian businesses, including MSMEs, farmers and fishermen.
In his discussions with Deputy Minister Yurin, the Commerce Secretary explored ways to enhance trade diversification, supply-chain resilience and cooperation in critical minerals, which remain a core issue since China curbed exports of rare earths and magnets to most countries of the world.
Both sides also discussed a time-bound pathway to increase trade across key sectors such as pharmaceuticals, telecom equipment, machinery, leather, automobiles and chemicals, said the top official.
“Both sides discussed a time-bound pathway across key sectors such as pharmaceuticals, telecom equipment, machinery, leather, automobiles and chemicals,” the statement mentioned.
Other issues warranting discussion included certification requirements, listings of agricultural and marine businesses, prevention of monopolistic practices and other non-tariff issues, for which a quarterly timeline has been decided upon to touch base.
The dialogue also covered practical measures related to logistics, payments and standards to improve predictability and ease of doing business for firms in both countries.
With a combined GDP of about USD 6.5 trillion, the proposed free trade agreement is expected to expand market access for Indian exporters, support diversification into new sectors and geographies, enhance competitiveness against non-market economies, and deliver significant benefits to micro, small and medium enterprises (MSMEs).
Russia is the top trading partner of India in the bloc, with bilateral trade worth USD 68.72 billion in 2024-25 (exports USD 4.88 billion and imports USD 63.84 billion). The high import numbers are because of crude oil imports.
The bilateral trade with Armenia, Belarus, Kazakhstan, and Kyrgyzstan was USD USD 315.18 million, USD 106.69 million, USD 349.48 million, and USD 56.78 million, respectively, in the last fiscal year.
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