India Targets $100 Billion Russia Trade as EAEU FTA Talks Reach Advanced Stage

India and the Russia-led Eurasian Economic Union (EAEU) are at an advanced stage of negotiations for a free trade agreement, according to The Economic times report citing Russian First Deputy Prime Minister Denis Manturov. He discussed the progress with External Affairs Minister S Jaishankar during their meeting in Moscow. 

Talks on the proposed agreement began in August last year. Manturov said negotiations were continuing and called for the process to move ahead at a steady pace. The FTA is also likely to feature in upcoming meetings between Indian and Russian leaders. 

India-Russia Trade Crosses $60 Billion 

Bilateral trade between India and Russia has grown from around $13 billion in 2021-22 to more than $60 billion in 2025-26, Jaishankar said. The two countries are aiming to take the figure to $100 billion by 2030. 

Manturov said trade rose 8% in the first half of the year, with both exports and imports increasing. The focus, he said, was also on diversifying trade and expanding the range of goods exchanged. 

Addressing the Trade Gap 

Jaishankar said the growth in trade had also resulted in a larger imbalance. He said better market access, the removal of tariff and non-tariff barriers and improved payment arrangements would be needed to deal with the issue. 

Manturov also called for easier access for goods from both countries and greater contact between Indian and Russian businesses. He referred to the INNOPROM India industrial exhibition, which is scheduled to be held in New Delhi ahead of the BRICS summit next month. 

Energy and Minerals Remain Key Areas 

Russia has assured India of continued supplies of energy and fertilisers. India is now the second-largest importer of Russian crude, while the two countries are also discussing joint investment projects for hydrocarbon extraction and processing. 

Mining and metals are another area under discussion. Manturov referred to possible cooperation in the development and processing of non-ferrous, rare and rare earth metals. Indian companies have approached Russian firms in recent months to secure supplies of critical minerals amid supply chain disruptions. 

Shipping and Nuclear Cooperation 

The two sides also discussed the Northern Sea Route. India plans to send its first cargo ship through the Arctic route next year, while Rosatom is discussing possible areas of cooperation. 

Manturov also referred to cooperation in industry, space, and nuclear power. He said the Kudankulam nuclear power project could form the basis for additional projects in India, including small modular reactors. Discussions on the proposed FTA and other areas of cooperation are continuing. 

Read More: India Job Postings Report 1.2% Growth in July 2026, Healthcare Sector Shows Gains! 

Conclusion  

The proposed agreement remains under negotiation, with India and Russia also discussing cooperation in energy, minerals, transport, nuclear power and space. 

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