India, EAEU review roadmap for proposed free trade agreement
What's the story
India and the Eurasian Economic Union (EAEU) have reviewed the roadmap for their proposed free trade agreement (FTA). The move is aimed at strengthening economic ties between the two entities. Commerce Secretary Rajesh Agrawal recently visited Moscow to discuss this with Andrey Slepnev, Minister in charge of Trade of the Eurasian Economic Commission, and Mikhail Yurin, Deputy Minister of Industry and Trade in Russia.
Market diversification
FTA aims to diversify markets for Indian businesses
During 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, details an 18-month work plan aimed at diversifying markets for Indian businesses such as MSMEs, farmers, and fishermen. The EAEU comprises Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
Trade targets
India and Russia aim to boost bilateral trade
India and Russia also discussed ways to increase their bilateral trade to $100 billion by 2030. Agrawal's discussions with Yurin focused on enhancing trade diversification, supply-chain resilience, and cooperation in critical minerals. The two sides explored a time-bound pathway across key sectors such as pharmaceuticals, telecom equipment, machinery, leather, automobiles, chemicals, among others.
Regulatory engagement
Agreement on quarterly regulator-to-regulator engagement
The two sides 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 also included practical measures related to logistics, payments, and standards aimed at improving predictability and ease of doing business for companies in both countries.
Market expansion
Proposed FTA to expand market access for Indian exporters
The proposed free trade agreement is likely to expand market access for Indian exporters, support diversification into new sectors and geographies, enhance competitiveness against non-market economies, and deliver significant benefits to micro, small, and medium enterprises (MSMEs). Russia is India's top trading partner in the bloc with bilateral trade worth $68.72 billion in 2024-25.