India-Russia trade ties: Commerce Secretary reviews India–EAEU FTA negotiations in Moscow

India and Russia have advanced negotiations on a Free Trade Agreement (FTA) between India and the Eurasian Economic Union (EAEU), with Commerce Secretary Rajesh Agrawal reviewing progress in a series of meetings in Moscow. The Ministry of Commerce & Industry said the discussions aim to strengthen trade diversification, build resilient supply chains and support the leadership target of taking bilateral trade to USD 100 billion by 2030.

During the visit, Agrawal met the Minister in charge of Trade of the Eurasian Economic Commission, Andrey Slepnev, and Russia’s Deputy Minister of Industry and Trade, Mikhail Yurin. He also addressed a business networking plenary attended by leading companies from both countries.

Officials said the review built on outcomes from the India–Russia Working Group on Trade and Economic Cooperation, focusing on regulatory predictability, industrial collaboration and expanding opportunities for Indian exporters.

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FTA-Progress: What are the next steps for the India–EAEU agreement?

In his meeting with Minister Slepnev, Agrawal reviewed the roadmap for the FTA in goods. The Terms of Reference signed on 20 August 2025 lay out an 18-month work plan aimed at opening wider market opportunities for Indian businesses, including MSMEs, farmers and fishermen.

The ministry said that, as talks progress, both sides will also examine the possibility of including services and investment under the broader framework, following guidance from the leadership.

Talks focus on diversification, supply chains and critical minerals

In discussions with Deputy Minister Yurin, the Commerce Secretary explored ways to deepen engagement across key sectors such as pharmaceuticals, telecom equipment, machinery, leather, automobiles and chemicals. Both sides agreed to pursue a time-bound pathway to widen trade and reduce concentration risks.

They also agreed to hold quarterly regulator-to-regulator dialogues to address certification requirements, agricultural and marine product listings, standards, payment mechanisms, prevention of monopolistic practices and other non-tariff issues that affect exporters. Cooperation in critical minerals was another area of focus.

Industry outreach stresses expansion of export basket

Addressing the business plenary, Agrawal urged Indian and Russian companies to align ongoing and upcoming projects with the 2030 bilateral trade target. He highlighted India’s expanding logistics network, digital public infrastructure and the growing scope for co-production and co-investment across multiple sectors.

Industry representatives discussed the need to broaden the export basket, reduce supply-chain risks and convert planned collaborations into actionable contracts. The ministry said these steps will help drive value addition, job creation and long-term economic gains for both countries.

Positioning the partnership for the future

According to the ministry, India aims to deepen its trade and economic engagement with Russia as part of the country’s wider goal of becoming a developed nation, Viksit Bharat, by 2047.