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Big Setback For US: Free Trade Deal Between India, Russia Is Closer Than Ever
Big Setback For US: Free Trade Deal Between India And Russia Is Closer Than Ever
India and Russia are holding negotiations for a possible free trade agreement, which could expand trade ties between New Delhi and the Russia-led Eurasian Economic Union. The EAEU includes Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. If the agreement is finalised, it is expected to open the door to a major rise in trade between India and the five-nation bloc.
India-Russia Free Trade Agreement: There are signals of optimism from Moscow. Russian Deputy Prime Minister Alexey Overchuk has said that Indian products could soon become far more visible on store shelves across Russia. Confirming that negotiations on a Free Trade Agreement (FTA) are going on, he said the first round of talks has already been held.
Calling India a massive and fast-growing market, he described the country as a close and trusted partner. “India is a large market, which is rapidly developing and growing. It is a country that is close to us and friendly. They want to work with us, trade with us and all of this will be secured through specific agreements,” he said.
The possible deal is being seen as a major geopolitical development, especially at a time when the United States has imposed steep tariffs on Indian goods. Analysts view the progress on an India-Russia trade pact as a blow to Washington's economic pressure strategy.
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It was the Commerce and Industry Minister Piyush Goyal who had first announced that India is formally beginning negotiations for a free trade agreement with the Eurasian Economic Union (EAEU). India is in talks with the five-member bloc (Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan) on the terms of the proposed agreement.
A roadmap spanning 18 months has been prepared as part of the negotiations. The goal is to explore new markets for Indian businesses, with special focus on micro, small and medium enterprises and farmers and fishermen.
Officials believe the agreement could help Indian exporters gain easier access to Eurasian markets while also strengthening supply chains.
India and Russia share a partnership that has stood the test of time. The ties took a decisive turn in October 2000, when the New Delhi and Moscow signed the India-Russia Strategic Partnership Declaration. Since then, cooperation has expanded across politics, security, defence, trade, economy, science and technology, culture and people-to-people exchanges.
In December 2010, during Russian President Vladimir Putin's visit to India, the relationship was elevated to the level of a Special and Privileged Strategic Partnership. Since then, regular dialogue at political and official levels has been maintained through multiple institutional mechanisms to ensure engagement and cooperation.
The main government-level platform driving trade and economic cooperation is the India-Russia Intergovernmental Commission on Trade, Economic, Scientific and Cultural Cooperation (IRIGC-TEC). It is co-chaired by India's external affairs minister and Russia's first deputy prime minister.
The 26th session of the IRIGC-TEC was held in Moscow on August 20, this year. Discussions focussed on removing tariff and non-tariff barriers, easing logistics bottlenecks, improving connectivity, strengthening payment mechanisms and finalising the Programme for Economic Cooperation up to 2030. Both sides pushed for the early conclusion of the India-EAEU free trade agreement.
India and Russia are working towards an ambitious bilateral trade target of US$100 billion by 2030. The two countries are also pursuing goals set by their leaders, including $50 billion in mutual investment by 2025 and annual bilateral trade of $100 billion by 2030.
Trade between the two nations has already seen growth. In the financial year 2024-25, bilateral trade touched a record $68.7 billion. Indian exports of pharmaceuticals, chemicals, iron and steel and marine products were recorded at $4.9 billion. Imports from Russia that comprises of crude oil and petroleum products, sunflower oil, fertilisers, coking coal and precious stones and metals stood at $63.8 billion.
With negotiations gaining pace and political backing on both sides, the free trade agreement between India and Russia now appears closer than ever.
Source: ZeeNews
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