Preparations for free trade agreement between EAEU, India in active phase - Russian First Dep PM Manturov

MOSCOW. Aug 24 (Interfax) - Russia expects trade with India to increase after the free trade agreement (FTA) with the Eurasian Economic Union (EAEU), preparations for which are in an active phase, comes into force, Russian First Deputy Prime Minister Denis Manturov said.

"The FTA between the Eurasian Economic Union and India will be a new contributing factor to sustainable trade growth. Its preparation is in the active phase, and it is important to maintain the strong momentum at negotiations," he said at the plenary session of the intergovernmental Russian-Indian trade, economic, scientific, technical and cultural cooperation commission.

Manturov said Russia and India boosted mutual trade 8% in the first half of 2026.

"Positive trends have seen for both Russian exports and imports from India. Our goal is not only to increase trade but also to diversify it. Trade in agricultural produce and foodstuffs, machine building goods, metallurgy and forest products is expanding as well as traditional supplies of fuel and mineral fertilizers from Russia. Imports from India include pharmaceuticals, agricultural products industrial raw materials, equipment and components and light industry goods," he said.

Indian External Affairs Minister Subrahmanyam Jaishankar, who co-chairs the intergovernmental commission, said the countries would aim to boost trade to $100 billion by 2030. This was around $60 billion in 2025.