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India-EAEU FTA Talks: Trade to Hit $100B by 2030
16 Oct
Summary
- India and EAEU are in Free Trade Agreement negotiations.
- Bilateral trade target set at $100 billion by 2030.
- Trade turnover reached $38 billion in the first six months.
India is advancing negotiations for a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU), signaling a strong commitment to expanding its export market. Ambassador to Russia Vinay Kumar expressed confidence that India and Russia will achieve their bilateral trade target of $100 billion by 2030.
In the first half of this year, the bilateral trade turnover between India and Russia reached $38 billion. To meet the ambitious $100 billion goal, both nations are focusing on diversifying the range of traded products and improving market access for Indian goods in Russia. Ambassador Kumar highlighted addressing standards and non-tariff barriers, particularly for agricultural and marine products, as crucial steps.
The proposed FTA with the EAEU is a key strategic initiative expected to facilitate increased exports from India to Russia and other EAEU member countries. This development occurred during the second India-Russia Business Forum in Kazan, aimed at strengthening economic cooperation and business-to-business interactions.
