India to visit Russia for June FTA talks with EAEU
India is heading to Russia this June for big talks on a free trade agreement with the Eurasian Economic Union (that is Russia, Kazakhstan, Armenia, Belarus, and Kyrgyzstan).
The goal? Make it easier for Indian goods, especially electronics and cars, to reach those markets by cutting down trade barriers.
These talks have been brewing since last year.
India targets $59B deficit with Russia
India wants to shrink its $59 billion trade deficit with Russia by selling more things like medicines, chemicals, machinery, and farm products.
Right now, most of what India buys from Russia is oil. Both sides are aiming for $100 billion in trade by 2030.
The upcoming talks will also try to fix more than 65 tricky export barriers (like rules affecting seafood) and might even lead to a separate deal just for services.
Plus, they are working on making payments simpler by using local currencies (good news for anyone navigating international business red tape).