Rajesh Agrawal reviews India–EAEU FTA talks in Moscow, setting a pathway for trade diversification, resilient supply chains and 2030 targets.
India accelerated its push toward a landmark Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU) as Commerce Secretary Rajesh Agrawal held a series of high-level meetings in Moscow to review progress and chart the next phase of negotiations.
Agrawal met Andrey Slepnev, Minister in charge of Trade at the Eurasian Economic Commission, and Mikhail Yurin, Russia’s Deputy Minister of Industry and Trade. He also addressed a packed business networking plenary attended by leading Indian and Russian industry representatives.
Building towards USD 100 billion trade by 2030
The discussions reinforced outcomes from the India–Russia Working Group on Trade and Economic Cooperation, with a strong focus on:
- expanding and diversifying bilateral trade
- strengthening resilient supply chains
- improving regulatory predictability
- accelerating industrial and technological collaboration
These efforts align with the leaders’ shared vision of reaching USD 100 billion in trade by 2030.
Next steps for the India–EAEU Free Trade Agreement
During the meeting with Minister Slepnev, Agrawal reviewed the roadmap for the next phase of the India–EAEU FTA in goods.
The Terms of Reference (ToR) signed on 20 August 2025 outline an 18-month work plan designed to:
- diversify growth avenues for Indian MSMEs, farmers and fishermen
- expand market access across the EAEU region
- examine services and investment tracks as negotiations progress
Russia meeting: Critical minerals, key sectors, and predictability
In his meeting with Deputy Minister Yurin, the Commerce Secretary explored:
- trade diversification
- supply-chain resilience
- cooperation in critical minerals
Both sides discussed a time-bound action pathway across sectors, including:
- pharmaceuticals
- telecom equipment
- machinery
- automotive
- chemicals
- leather
To tackle operational challenges, India and Russia agreed to quarterly regulator-to-regulator engagement to streamline:
- certification processes
- agricultural & marine listings
- anti-monopoly oversight
- resolution of non-tariff barriers
Logistics, payments and standards were also addressed to improve the ease of doing business for companies on both sides.
Industry plenary: Turning projects into action
Speaking to business leaders from both countries, Agrawal encouraged companies to align investments and partnerships with the 2030 trade target. He highlighted:
- India’s rapidly improving logistics infrastructure
- world-leading digital public infrastructure
- growing opportunities for co-investment and co-production
Industry representatives emphasised the need to:
- broaden India’s export basket
- de-risk supply chains
- convert planned projects into real, job-creating contracts
A shared economic future
As India advances toward its vision of Viksit Bharat 2047, the Commerce Secretary reaffirmed India’s commitment to deepening economic ties with Russia and the broader EAEU. With renewed momentum, the negotiations signal a stronger, more predictable and diversified India–EAEU partnership in the making.
Source: PIB
