New Delhi/Moscow, November 17, 2025: India and Russia have reaffirmed their mutual commitment to significantly expanding bilateral trade, setting an ambitious target of $100 billion by 2030, while also making considerable progress in the negotiations for a free trade agreement (FTA) with the Eurasian Economic Union (EAEU). The discussions took place in Moscow on Sunday, underscoring the continued strategic and economic alignment between the two countries amid a rapidly evolving global trade landscape.

During his visit to Moscow, Commerce Secretary Rajesh Agrawal engaged in a series of high-level meetings with key Russian and EAEU officials to review the progress of the India-EAEU FTA negotiations in goods and to discuss the broader agenda of trade and economic cooperation between India and Russia. These meetings included consultations with Andrey Slepnev, the Eurasian Economic Commission’s minister in charge of trade, and Mikhail Yurin, Russian Deputy Minister of Industry and Trade. The focus of these discussions was not only on the mechanics of the proposed FTA but also on ways to diversify markets, strengthen resilient supply chains, and ensure predictable regulatory frameworks for businesses in both countries.

The EAEU, a five-member post-Soviet economic bloc led by Russia, comprises Armenia, Belarus, Kazakhstan, Kyrgyz Republic, and Russia itself. Together, the bloc represents a combined GDP of approximately $6.5 trillion, presenting a substantial opportunity for India to expand its exports and strengthen economic ties beyond bilateral trade with Russia. The India-EAEU FTA, once concluded, is expected to provide a comprehensive framework for tariff reductions, non-tariff barrier management, and sectoral cooperation across goods and services, benefiting a wide range of Indian industries including pharmaceuticals, telecom equipment, machinery, leather, automobiles, and chemicals.

Commerce Secretary Agrawal’s meeting with Andrey Slepnev focused on operationalizing the next steps for the India-EAEU FTA in goods. The discussions built upon the terms of reference (ToR) signed on August 20, 2025, which outline an 18-month work plan aimed at diversifying markets for Indian businesses. This includes measures to enhance market access for micro, small, and medium enterprises (MSMEs), as well as farmers and fishermen, ensuring that the benefits of expanded trade reach a wide range of stakeholders across the Indian economy. In addition to goods, the negotiations are expected to advance into services and investment tracks as the process progresses, allowing for a more comprehensive economic partnership between India and the EAEU.

In parallel, the meeting with Russian Deputy Minister Mikhail Yurin focused on sector-specific strategies to enhance trade diversification and supply-chain resilience. Both sides explored avenues for cooperation in critical minerals, which are essential for strategic industries such as electronics, renewable energy, and defense production. In addition, discussions covered pharmaceuticals, machinery, telecom equipment, leather, chemicals, and automobiles, identifying sectoral pathways to facilitate increased trade and co-investment opportunities. Both countries emphasized the importance of time-bound actions across these sectors to translate planned projects into concrete economic outcomes.

A key outcome of the discussions was the agreement to establish quarterly regulator-to-regulator engagement to address certification requirements, manage listings of agricultural and marine products, and resolve non-tariff barriers. Both India and Russia acknowledged that predictability in logistics, payment mechanisms, and regulatory standards is critical for fostering an environment conducive to trade and investment. These engagements aim to simplify procedures, reduce delays, and provide businesses with clearer guidelines, thereby enhancing confidence among companies seeking to expand their operations in both markets.

In addition to bilateral meetings, Commerce Secretary Agrawal participated in an industry plenary attended by senior business leaders from India and Russia. During the session, he encouraged Indian and Russian companies to align their projects with the $100 billion bilateral trade target and to leverage the opportunities arising from India’s logistics infrastructure upgrades, digital public infrastructure, and co-investment prospects. He underscored the importance of converting planned projects into actionable contracts that not only increase trade volume but also generate employment and long-term prosperity in both countries.

The discussions also highlighted the strategic dimension of India-Russia trade relations. India has positioned itself as a reliable partner for both developing and developed nations, balancing the imperatives of economic growth with geopolitical considerations. Strengthening trade and investment ties with Russia aligns with India’s broader vision of becoming a developed nation by 2047, as articulated under the “Viksit Bharat” initiative. By deepening economic engagement with Russia, India aims to secure a stable supply of essential goods, enhance technological cooperation, and diversify its export destinations, thereby reducing dependence on a limited set of markets.

A crucial aspect of the India-EAEU FTA negotiations is ensuring regulatory predictability and alignment of standards. Both India and Russia recognized that addressing non-tariff barriers is vital for facilitating smooth trade flows. Measures under discussion include harmonizing product standards, mutual recognition of certifications, simplifying customs procedures, and streamlining inspection protocols. These steps are expected to reduce transaction costs for exporters and importers, while fostering greater integration of Indian businesses into EAEU supply chains.

Furthermore, the trade talks emphasized the potential for industrial collaboration and technology transfer. India and Russia are exploring partnerships in high-tech sectors such as electronics, telecom equipment, machinery, and pharmaceuticals. Joint ventures and co-production arrangements could allow Indian companies to gain access to advanced technologies and production processes, while Russian firms could benefit from India’s large domestic market and skilled workforce. Such collaborations are expected to contribute to long-term economic resilience and enhance competitiveness for both countries on the global stage.

Agrawal’s visit also underscored the importance of enhancing supply chain resilience, particularly in sectors that are critical for national security and industrial development. Both countries discussed strategies to ensure continuity of supply in key commodities, mitigate risks associated with geopolitical tensions, and develop robust logistics networks to facilitate the smooth movement of goods. The emphasis on resilience reflects the lessons learned from global disruptions in recent years and the need for proactive measures to secure trade and industrial ecosystems.

The discussions also identified opportunities for expanding India’s export basket to the EAEU. In addition to traditional commodities, attention is being given to value-added products, including processed agricultural goods, pharmaceuticals, engineering goods, and specialized equipment. Diversification of exports is intended not only to increase trade volumes but also to enhance the value component of bilateral commerce, creating higher revenue streams and strengthening economic linkages.

Both sides agreed that quarterly engagements between regulators would be supplemented with practical measures in logistics, payments, and standards, aimed at improving predictability and ease of doing business. These measures include establishing clear timelines for certification approvals, facilitating cross-border payments, improving customs clearance processes, and sharing technical expertise on quality standards. By reducing bureaucratic hurdles, both countries aim to foster a business-friendly environment that encourages private sector participation in bilateral trade.

In the industry plenary, Agrawal emphasized the need to focus on projects that generate tangible outcomes in terms of trade volume, job creation, and long-term economic growth. He encouraged companies to view the India-Russia economic partnership as a platform for innovation, investment, and technological collaboration. The discussions also touched upon the role of MSMEs, farmers, and fishermen, highlighting the potential for these groups to benefit from expanded market access and enhanced supply chains.

The India-Russia dialogue reflects a shared understanding of the importance of deepening economic ties as a means of promoting balanced and sustainable growth. By setting a target of $100 billion in bilateral trade by 2030, both countries have signaled their commitment to fostering long-term economic cooperation that is mutually beneficial and strategically aligned. The discussions on the India-EAEU FTA further reinforce the vision of an integrated regional trading framework that can enhance market access, reduce barriers, and create opportunities for joint industrial and technological initiatives.

Overall, the recent series of meetings in Moscow demonstrates India’s proactive approach to strengthening economic engagement with Russia and the broader EAEU region. By combining trade diversification, regulatory predictability, sectoral collaboration, and strategic partnerships, India aims to achieve its long-term economic objectives while supporting the development of resilient supply chains and expanding opportunities for Indian businesses across the Eurasian region. The ongoing negotiations are expected to bring clarity on trade arrangements, facilitate smoother investment flows, and provide a roadmap for achieving the ambitious $100 billion bilateral trade target by 2030.

As India continues to pursue its vision of becoming a developed nation by 2047, engagements such as these underscore the role of strategic international partnerships in driving economic growth, technological advancement, and employment generation. The India-Russia trade partnership, bolstered by the potential India-EAEU FTA, represents a significant step in realizing the country’s long-term goals of trade diversification, industrial modernization, and sustainable economic development.