(MENAFN- KNN India) New Delhi, Nov 17 (KNN) Commerce Secretary Rajesh Agrawal reviewed the progress of negotiations on the proposed India–Eurasian Economic Union (EAEU) Free Trade Agreement (FTA) during a series of high-level meetings in Moscow.

Agrawal held discussions with Russian ministers and officials. He also addressed a business networking plenary attended by Indian and Russian industry representatives.

The meetings advanced the outcomes of the recent India–Russia Working Group on Trade and Economic Cooperation, with discussions centred on boosting bilateral trade, strengthening supply-chain resilience and improving regulatory predictability.

The dialogue supports the leaders' goal of achieving USD 100 billion in trade by 2030 and expanding Indian exports through industrial and technological partnerships.

The Commerce Secretary reviewed the next steps for the India–EAEU FTA in goods, guided by the 18-month work plan outlined in the Terms of Reference signed on August 20, 2025.

The plan aims to widen export opportunities for Indian MSMEs, farmers and fishermen. Both sides also agreed to explore services and investment as the talks advance.

Agrawal discussed expanding trade diversification, boosting cooperation in critical minerals and strengthening supply chains. Both sides also reviewed opportunities for sector-specific partnerships in pharmaceuticals, telecom equipment, machinery, leather, automobiles and chemicals.

They also agreed to a quarterly regulator-to-regulator engagement to address certification issues, agricultural and marine product listings, monopolistic practices and other non-tariff barriers.

The discussions covered practical aspects such as logistics, payment systems and standards to improve predictability and ease of doing business for companies in both countries.

Agrawal urged Indian and Russian companies to align their projects with the 2030 bilateral trade goal, noting India's improved logistics, digital infrastructure and opportunities for co-investment and co-production.

Industry representatives stressed the need to broaden the export basket, strengthen supply-chain resilience and convert planned initiatives into actionable contracts.

India aims to strengthen its trade and economic partnership with Russia as part of its broader ambition to become a developed nation, Viksit Bharat, by 2047.

(KNN Bureau)

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