India and Russia target $100B trade, advance EAEU FTA
India and Russia target $100B trade, advance EAEU FTA
India and Russia commit to lifting bilateral trade to $100 billion by 2030 and push ahead with the India-EAEU FTA, with quarterly regulator-to-regulator reviews.
In Moscow on Sunday, India and Russia reaffirmed their shared goal of reaching $100 billion in bilateral trade by 2030 and reviewed the next steps for the India-EAEU free trade agreement in goods. The discussions highlighted a focus on diversification, resilient supply chains, regulatory predictability, and balanced growth in the partnership, signaling a long-term push to broaden collaboration across sectors. The talks built on the outcomes of the India-Russia Working Group on Trade and Economic Cooperation, underscoring a pragmatic approach to expanding exchanges while addressing practical hurdles along the way.
The two sides outlined an 18-month work plan under the ToR signed on 20 August 2025, designed to diversify Indian markets for goods and strengthen links for micro, small and medium-sized enterprises, farmers, and fishermen. While the core emphasis remains on goods, officials also signaled that services and investment tracks would be examined as the process advances, aiming to open new avenues for Indian exporters and investors in a broader Eurasian context.
Commerce Secretary Rajesh Agrawal met with Andrey Slepnev, Eurasian Economic Commission’s minister in-charge for trade, and with Russian deputy minister of industry and trade Mikhail Yurin to review next steps for the FTA in goods. The conversations focused on practical mechanisms to ease certifications, streamline listings of agricultural and marine products, and curb monopolistic practices and other non-tariff barriers that can hinder trade flows. These quarterly regulator-to-regulator engagements aim to reduce friction and provide predictable rules for business.
The EAEU bloc, led by Russia and consisting of five member states, holds a combined GDP of roughly $6.5 trillion. The ongoing dialogue seeks to leverage this market into tangible opportunities for Indian exports, with an emphasis on industrial and technological collaboration that could help diversify supply chains and strengthen economic resilience. The discussions also reflect a broader objective of aligning regulatory standards and creating a more stable framework for cross-border commerce between the two large economies.
Overall, the meetings underscore a steady, incremental approach to deepening India-Russia trade ties, balancing ambitious targets with concrete steps, and keeping the focus on practical benefits for businesses, farmers, and workers on both sides.
Cover image source: India's spend on Russian oil buy at €2.5 billion in October ahead of new sanctions 🔗
