India, Eurasia to meet every quarter to fast-track FTA, ease market barriers

New Delhi: India and the Eurasian Economic Union (EAEU) have agreed to meet every quarter at the regulator level to resolve market access hurdles, such as those related to certification and approval delays faced by agricultural and marine exporters, the commerce ministry said on Sunday. The decision was taken at a review meeting in Moscow, chaired by commerce secretary Rajesh Agrawal.

The effort aims to steady market access and speed up talks on their proposed free trade agreement (FTA) as global trade shifts—from new US tariffs to scrutiny of India’s oil imports from Russia—force companies to look for more predictable markets.

Among other issues, the two sides also discussed logistics, payment systems and standards to reduce procedural uncertainties.

The consultations build on earlier discussions in the India–Russia Working Group on Trade and Economic Cooperation and follow the mutual goal of raising bilateral trade to $100 billion by 2030 from $68.7 billion in FY25.

“For India’s small and medium enterprises, the EAEU market offers an important diversification window at a time when global trade conditions are becoming increasingly unpredictable,” said Vinod Kumar, president of the India SME Forum.

“Quarterly regulatory coordination can help remove the certification and compliance bottlenecks that often hold back smaller exporters. If these mechanisms work as intended, more Indian MSMEs, especially in food processing, engineering and chemicals, can scale up exports to Russia and the broader EAEU region,” he added.

During the visit, Agrawal met Andrey Slepnev, minister in charge of trade at the Eurasian Economic Commission, to review the next steps for the goods negotiations under the FTA.

Opportunity for Indian MSMEs

The terms of reference signed on 20 August 2025 set an 18-month schedule for talks and aim to open new avenues for Indian MSMEs, farmers and fishermen. India plans to explore the services and investment chapters in the upcoming rounds.

In the secretary's discussions with Russia’s deputy minister of industry and trade Mikhail Yurin, both sides examined ways to deepen cooperation in critical minerals, pharmaceuticals, telecom equipment, machinery, automobiles, leather and chemicals. They also agreed to streamline regulatory processes to address non-tariff barriers and improve ease of doing business, the commerce ministry statement said.

At an industry plenary attended by companies from both countries, Agrawal urged businesses to align their planned projects with the 2030 trade target. He highlighted India’s expanding logistics network, digital public infrastructure and opportunities for co-investment and co-production in goods and services.

The engagement reflects India’s broader push to widen its export basket, de-risk supply chains and strengthen its economic partnership with Russia, as it works toward its long-term goal of becoming a developed nation,Viksit Bharat, by 2047, the statement said.

Bilateral trade between India and Russia touched an all-time high of $68.7 billion in FY25, nearly 5.8 times higher than the pre-pandemic level of $10.1 billion. The surge was driven largely by imports from Russia, which were at $63.84 billion, compared with India’s exports of $4.88 billion.

Imports from Russia continued to be dominated by oil and petroleum products, followed by fertilizers, bituminous substances, mineral fuels and waxes, machinery, equipment, precious metals and stones, wood, pulp and paper products, metals and vegetable oils.

India’s exports included agricultural goods such as rice, tobacco, tea, fish, shrimp, coffee and grapes, alongside chemicals, pharmaceuticals, iron and steel, ceramic products, aircraft components, machinery, glassware, clothing, leather goods, rubber products, electrical machinery and surgical instruments.