Russia Holds Positive Negotiations with India, Says Deputy Prime Minister

Russia is optimistic about the prospects of negotiations concerning the free trade agreement between the Eurasian Economic Union (EAEU) countries and India, stated Russian Deputy Prime Minister Alexey Overchuk.

“We are currently in negotiations with India. The first phase has been completed, and we are quite optimistic. If the relevant agreement is signed with India, Russian businesses will have the opportunity to enter a market of 2.2 billion people,” he said while addressing the Integration Forum within the framework of the Russian Business Week organized by the Russian Union of Industrialists and Entrepreneurs (RSPP).

According to the Deputy Prime Minister, the preferential trade agreements operating within the EAEU, along with the free trade zone agreements signed with Mongolia, the UAE, and Indonesia, which are not yet in force, provide Russian participants in foreign trade access to a market of about 700 million people and account for approximately 20% of Russia's foreign trade turnover. Earlier this year, Overchuk expressed hope that the signed free trade agreements would come into force by the end of 2026.