India and Russia have reiterated their dedication to reaching $100 billion in bilateral trade by the year 2030 during a meeting held in Moscow on Sunday. They also reviewed the forthcoming steps regarding the India-Eurasian Economic Union (EAEU) free trade agreement related to goods, as reported by the commerce ministry.
Commerce Secretary Rajesh Agrawal assessed the advancement of the India-EAEU FTA negotiations through a series of discussions in Moscow with Andrey Slepnev, the minister responsible for trade at the Eurasian Economic Commission, and Mikhail Yurin, the Russian deputy minister of industry and trade, according to a statement released by the ministry on Sunday. The EAEU is a five-member post-Soviet bloc led by Russia, which boasts a combined GDP of $6.5 trillion. The other member nations include Armenia, Belarus, Kazakhstan, and the Kyrgyz Republic.
The discussions were founded on the results of the India-Russia Working Group on Trade and Economic Cooperation, with an emphasis on diversification, enhancing resilient supply chains, ensuring regulatory predictability, and fostering balanced growth in the partnership,” the statement remarked. These initiatives embody the objective of achieving $100 billion in bilateral trade by 2030 and increasing Indian exports through industrial and technological collaboration, it further stated.
In a meeting with Slepnev, Agrawal evaluated the upcoming actions concerning the India-EAEU FTA in goods, as mentioned. “The terms of reference (ToR) signed on 20 August 2025 outline an 18-month work plan aimed at diversifying markets for Indian enterprises, including MSMEs, farmers, and fishermen. Following the Leaders’ guidance, the services and investment tracks will also be examined as the process advances,” the statement noted.
In his meeting with Yurin, the commerce secretary explored strategies to enhance trade diversification, strengthen supply-chain resilience, and promote collaboration in critical minerals. “Both parties discussed a time-sensitive approach across vital sectors including pharmaceuticals, telecom equipment, machinery, leather, automobiles, and chemicals,” it stated.
The two parties agreed to hold regulator-to-regulator discussions quarterly to address certification requirements, listings of agricultural and marine enterprises, prevention of monopolistic practices, and other non-tariff issues. The conversation also included practical measures related to logistics, payments, and standards aimed at improving predictability and facilitating business operations for companies in both countries, it mentioned.
Agrawal also addressed an industry plenary attended by notable business leaders from India and Russia. He encouraged companies to align their efforts with the 2030 bilateral trade goals and emphasized India’s progress in logistics, digital public infrastructure, and the opportunities for co-investment and co-production across various goods and services.
“The discussions underscored the importance of diversifying the export portfolio, reducing risks in supply chains, and converting planned initiatives into actionable contracts that enhance both value and volume, thus generating more employment opportunities and promoting long-term prosperity for individuals in both countries. India, acknowledged as a dependable partner for both developing and developed nations, aims to strengthen its trade and economic cooperation with Russia as it endeavors to attain the status of a developed nation, Viksit Bharat, by 2047,” the statement noted.
