Commerce Secretary Rajesh Agrawal on Saturday reviewed the ongoing negotiations for a proposed Free Trade Agreement (FTA) between India and the Eurasian Economic Union (EAEU) during a series of high-level meetings in Moscow.
Agrawal met Andrey Slepnev, Minister in charge of Trade of the Eurasian Economic Commission; Mikhail Yurin, Deputy Minister of Industry and Trade of the Russian Federation; and also addressed an industry plenary attended by Indian and Russian business leaders.
The discussions followed the recent meeting of the India-Russia Working Group on Trade and Economic Cooperation and focused on diversifying trade, strengthening supply-chain resilience, ensuring regulatory predictability and promoting balanced economic growth. Both sides reiterated their commitment to achieving the Leaders’ target of USD 100 billion in bilateral trade by 2030, with an emphasis on expanding India’s export footprint through enhanced industrial and technological collaboration.
During the meeting with Slepnev, the Commerce Secretary reviewed the roadmap for the FTA in goods. The Terms of Reference signed on August 20, 2025, set an 18-month timeline for negotiations aimed at providing broader market access for Indian businesses, including MSMEs, farmers and fishermen. Services and investment will also be assessed in subsequent stages.
In talks with Deputy Minister Yurin, Agrawal discussed measures to enhance trade diversification, build resilient supply chains and strengthen cooperation in areas such as critical minerals. Both sides considered a time-bound approach across sectors including pharmaceuticals, telecom equipment, machinery, leather, automobiles and chemicals. They agreed to hold quarterly regulator-to-regulator meetings to address certification issues, agricultural and marine product listings, anti-monopoly concerns and other non-tariff barriers. Discussions also covered logistics, payments and standards to facilitate more predictable and business-friendly conditions.
Addressing the industry plenary, Agrawal urged companies to align their strategies with the 2030 bilateral trade target. He highlighted India’s growing digital public infrastructure, logistics upgrades and emerging opportunities for co-investment and co-production. Participants discussed the need to expand the export basket, de-risk supply chains and convert planned collaborations into actionable contracts that boost value, volume and employment.