India, Russia aim for $100 bn in bilateral trade by 2030

In the meeting with Slepnev, Agrawal reviewed the next steps for the India–EAEU FTA in goods. The terms of reference signed on August 20, 2025 outline an 18-month work plan aimed at diversifying markets for Indian businesses, including MSMEs, farmers and fishermen. In line with the leaders’ guidance, the services and investment tracks will also be examined as the process advances, the Ministry of Commerce and Industry said in a press release.

In his discussions with Yurin, Agrawal explored ways to enhance trade diversification, supply-chain resilience and cooperation in critical minerals. Both sides discussed a time-bound pathway across key sectors such as pharmaceuticals, telecom equipment, machinery, leather, automobiles and chemicals. Quarterly regulator-to-regulator engagement was agreed upon to address certification requirements, listings of agricultural and marine businesses, prevention of monopolistic practices and other non-tariff issues. The dialogue also covered practical measures related to logistics, payments and standards to improve predictability and ease of doing business for firms in both countries.

At the industry plenary attended by senior business leaders from India and Russia, Agrawal encouraged companies to align their projects with the 2030 bilateral trade target. He highlighted India’s logistics upgrades, digital public infrastructure and opportunities for co-investment and co-production across goods and services. The discussions emphasised the need to broaden the export basket, de-risk supply chains and convert planned projects into actionable contracts that enhance value and volume, generating more jobs and long-term prosperity for people in both countries.

ALCHEMPro News Desk (RR)