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India-Eurasian Economic Union trade relations

Updated 2 times since CLSTR started tracking revisions of this situation.

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2026-08-22 17:02 UTC → 2026-08-24 17:18 UTC · added removed

India is pursuing economic diversification and strengthened bilateral ties through trade negotiations and high-level diplomatic engagement. The government is negotiating a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU) to reduce trade barriers and increase market access for various sectors, including pharmaceuticals, textiles, IT, and agriculture. This move is viewed as a strategy to diversify supply chains toward nations such as Russia, Kazakhstan, and Belarus. Building on these economic goals, Indian External Affairs Minister S. Jaishankar is scheduled to undertake a two-day official visit to Russia on August 23-24, 2026. At the invitation of Russian First Deputy Prime Minister Denis Manturov, Jaishankar will co-chair During the 27th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC). During this visit, (IRIGC-TEC) held in Moscow on August 23-24, 2026, Indian External Affairs Minister S. Jaishankar is also expected to meet with and Russian Foreign First Deputy Prime Minister Sergey Lavrov to discuss bilateral relations and regional or global issues. The IRIGC-TEC serves as a primary mechanism for monitoring and expanding cooperation in sectors such as trade, investment, energy, science, technology, and culture. This aligns with Denis Manturov emphasized the ongoing effort need to reach a $100 billion expand trade beyond traditional fuel and fertilizer supplies. Jaishankar noted that while bilateral trade target. Indian Ambassador has grown more than fourfold since 2021-22—rising from approximately $13 billion to Moscow Vinay Kumar over $60 billion in 2025-26—this rapid expansion has further emphasized widened the importance trade imbalance. To address this, officials highlighted the necessity of people-to-people ties, noting improving market access, removing trade barriers, and strengthening payment mechanisms. Both nations are working toward a bilateral trade target of $100 billion by 2030. Manturov stated that key focus areas for the relationship include EAEU-India FTA is in an active stage of preparation and is expected to serve as a “new driver of sustainable trade growth.” Discussions also encompassed cooperation in energy, minerals, education, space, connectivity, and tourism. the potential advantages of the Northern Sea Route.

Versions

  1. 2026-08-24 17:18 UTC India-Eurasian Economic Union trade relations
  2. 2026-08-22 17:02 UTC India-Eurasian Economic Union trade relations
  3. 2026-08-22 08:38 UTC India-Eurasian Economic Union trade relations

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