India and Russia are intensifying efforts to scale bilateral trade to $100 billion, as high-level discussions in Moscow move to fast-track negotiations on a proposed India–Eurasian Economic Union (EAEU) Free Trade Agreement. Senior officials from the Commerce Ministry confirmed that both sides are working to accelerate the process, calling the FTA a “key strategic priority”.
The EAEU comprising Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan represents a vast market with strong complementarities for India in sectors such as pharmaceuticals, engineering goods, agriculture, minerals, and services. The proposed FTA, once concluded, is expected to eliminate or significantly reduce tariff barriers, broaden market access, and streamline regulatory frameworks between India and the bloc.
Officials said the agreement could become a game-changer in global trade dynamics, especially at a time when geopolitical shifts and supply-chain realignments have increased demand for stable, long-term economic partnerships.
What the FTA Could Unlock
New export markets for Indian manufacturers, particularly in pharma, textiles, food processing, and machinery.
Enhanced energy cooperation, with easier access to Russian crude, LNG, and critical minerals.
Boosted investment flows, including joint ventures in technology, heavy industries, and agriculture.
Greater connectivity through proposed corridors like the International North-South Transport Corridor (INSTC), reducing logistical costs.
A Strategic Partnership Deepens
India–Russia trade has grown sharply in recent years, driven largely by energy purchases. The push for an FTA with the EAEU signals an effort to diversify the trade basket and build a more balanced, sustainable economic relationship.
According to officials, both sides believe that reaching the $100 billion trade milestone is well within reach once the FTA is operational. Negotiating teams are currently addressing key issues related to customs cooperation, rules of origin, standards, and digital trade.
With momentum building and political will strong on both sides, the India–EAEU FTA could soon move from negotiation to reality reshaping India’s trade footprint across Eurasia and further cementing its role in an evolving global economic order.
