India-Russia trade ties: India reviews EAEU FTA roadmap in Moscow; focus on diversification and supply-chain resilience

Commerce Secretary Rajesh Agrawal held a series of high-level meetings in Moscow to review progress on the proposed India–Eurasian Economic Union (EAEU) Free Trade Agreement, the commerce ministry said on Sunday.During his visit, Agrawal met Andrey Slepnev, Minister in charge of Trade at the Eurasian Economic Commission, and Russian Deputy Minister of Industry and Trade Mikhail Yurin, and also addressed an industry plenary involving Indian and Russian business representatives, ANI reported.

According to the ministry, the discussions built on outcomes of the recent India–Russia Working Group on Trade and Economic Cooperation, with a continued focus on diversifying trade, strengthening supply-chain resilience, ensuring regulatory predictability and promoting balanced growth. These efforts align with the Leaders’ target of achieving $100 billion in bilateral trade by 2030 and expanding Indian exports through industrial and technological collaboration.In his meeting with Slepnev, Agrawal reviewed the next steps for the India–EAEU FTA in goods. The Terms of Reference signed on August 20, 2025, lay out an 18-month work plan aimed at opening new markets for Indian businesses, including MSMEs, farmers and fishermen. The ministry said the services and investment tracks will also be examined as negotiations advance, the news agency report said.With Deputy Minister Yurin, Agrawal discussed opportunities to enhance trade diversification, improve supply-chain resilience and deepen cooperation in critical minerals. Both sides explored sector-specific pathways across pharmaceuticals, telecom equipment, machinery, leather, automobiles and chemicals. They also agreed on quarterly regulator-to-regulator engagement to resolve issues related to certifications, agricultural and marine business listings, non-tariff barriers and monopolistic practices.The talks further covered logistics, payments and standards aimed at improving predictability and ease of doing business for companies in both markets.At the India–Russia industry plenary, Agrawal urged companies to align investments and projects with the 2030 trade target. He highlighted India’s logistics upgrades, digital public infrastructure and new opportunities for co-investment and co-production across goods and services.The discussions emphasised the need to broaden the export basket, de-risk supply chains and convert planned initiatives into actionable contracts that boost value, volume and employment.India, the ministry added, sees Russia as a key partner in its long-term goal of becoming a developed nation—Viksit Bharat—by 2047.