Ahead of Russian President Vladimir Putin’s visit to India next month, senior officials from both nations have intensified efforts to advance negotiations on the proposed India–Eurasian Economic Union (EAEU) Free Trade Agreement. The talks, held in Moscow, focused on creating a time-bound roadmap for priority sectors including pharmaceuticals, telecom equipment, machinery, leather, automobiles and chemicals.
India is seeking to curb its widening trade deficit with Russia, which touched nearly $59 billion in FY25. New Delhi hopes that an FTA with the EAEU — comprising Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan — will help boost its exports and diversify markets, especially as Indian shipments to the US face 50 per cent tariffs.
According to the Commerce Department, Commerce Secretary Rajesh Agrawal met Andrey Slepnev, Minister in charge of Trade of the Eurasian Economic Commission, and Russian Deputy Industry and Trade Minister Mikhail Yurin. Both sides agreed on quarterly regulator-level engagements to address certification issues, agricultural and marine product listings, non-tariff barriers and anti-monopolistic concerns.
Prime Minister Narendra Modi and President Putin are expected to review progress during their December bilateral meeting, with the goal of moving towards the $100 billion trade target by 2030. Putin has also called for expanding Russian procurement of Indian agricultural goods and pharmaceuticals, while Moscow continues to encourage Indian business delegations across multiple sectors.