In order to further talks on a planned Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU), India will dispatch a mission to Russia in June 2026. Kazakhstan, Armenia, Belarus, and Kyrgyzstan are members of the bloc.
The negotiations are intended to remove non-tariff obstacles that already limit Indian exports, especially in industries like engineering goods, electronics, cars, and medicines. In an effort to close its $59 billion trade deficit with Russia, India is also trying to increase supplies of chemicals, equipment, agricultural, and marine products.
By 2030, the two countries hope to have $100 billion in bilateral trade. Nearly 80% of Russia’s current exports to India are crude oil, while in FY25, India exported $4.88 billion worth of commodities to Russia.
It is anticipated that negotiations will address topics including e-commerce, intellectual property rights, customs processes, and hygienic requirements. Additionally, India has identified more than 65 non-tariff barriers that impact industries including medicines and maritime.
To further deepen economic links, the two nations are concurrently negotiating a labor mobility agreement and a local currency settlement mechanism.
Source – CNBC–TV18
