New Delhi: The Ministry of External Affairs (MEA) said on Friday that India and Russia have agreed to expedite negotiations on the proposed Free Trade Agreement (FTA) between New Delhi and the Eurasian Economic Union (EAEU). This decision was taken during high-level talks held at the end of Russian President Vladimir Putin’s two-day visit to India.
Foreign Secretary Vikram Misri said, “Today’s discussions also focused heavily on the proposed Free Trade Agreement between India and the Eurasian Economic Union, which is expected to help address the trade deficit.” Misri said, “Both sides agreed that negotiations should be accelerated to achieve an early outcome within the stipulated time.”
In fact, the Terms of Reference for this agreement were finalized and signed during this visit. Both sides also emphasized the importance of advancing discussions on the bilateral investment treaty. This will boost investment in both directions.
Misri further stated that necessary connectivity initiatives, including the International North-South Transport Corridor, were reviewed. Both sides focused on their potential to reduce transit times and enhance India’s trade access to Eurasia. Misri was briefing the media after the 23rd India-Russia Annual Summit in New Delhi.
Misri said, “This visit, marking the 25th anniversary of the declaration of the Strategic Partnership, is truly a very special visit. The Prime Minister personally welcomed President Putin upon his arrival at the airport in a very special manner. The two leaders then proceeded together to the Prime Minister’s official residence, where the Prime Minister hosted an informal dinner for President Putin, during which the two leaders had a frank discussion on a number of bilateral, regional, and global issues.”
Misri added, “A major objective of this visit was to understand how to increase Indian exports to Russia to better address the trade imbalance.” He also said that increasing settlements in national currencies would help achieve this goal. According to Misri, India and Russia also emphasized the need for UN Security Council reform to reflect current realities and strengthened cooperation in global forums such as the G20, BRICS, and SCO.
Misri said, “We emphasized the need for UN Security Council reform to reflect current realities and our cooperation in forums of which both India and Russia are members and which are forward-thinking.”
Stressing that India-Russia defense and military-technical cooperation remains strong, Misri said, “Russia will continue to support India’s Make in India initiative in this area, which includes joint production and technology exchange. This was also an area discussed between the two leaders.” The Prime Minister praised President Putin’s support for expediting the opening of two new Indian consulates in Kazan and Yekaterinburg. These consulates will deepen our regional reach in Russia and enhance trade, educational exchanges, and other forms of cooperation, including cultural and people-to-people ties.
On global and multilateral issues, Misri said the two leaders reaffirmed their shared commitment to improving global governance. The Foreign Secretary reported that President Putin briefed Prime Minister Modi on recent developments in the Ukraine conflict, including ongoing discussions between Russian representatives and US officials.
He said, “The Prime Minister reiterated India’s long-standing position on the conflict and emphasized India’s interest in ending the conflict as soon as possible and finding a lasting solution through dialogue and diplomacy. India stands ready to provide all necessary assistance.” Misri said the two leaders also discussed other regional issues, focusing on combating terrorism.
Misri said, “The Prime Minister reiterated India’s zero-tolerance stance on terrorism, and President Putin reiterated Russia’s support for India in this endeavor.” Misri emphasized the geopolitical importance of the India-Russia relationship and described it as crucial for constructive engagement in a difficult global environment.
According to Misri, the visit focused on economic issues, industrial partnerships, and investment cooperation. This sent a message amid pressures on global supply chains and an uncertain trade and investment environment.
Misri said, “As I said, the India-Russia relationship is an important relationship not only in its bilateral but also in its regional and global significance. It remains an essential anchor for a good relationship in a very difficult geopolitical environment. As I said, this particular visit focused on economic issues, industrial partnerships between the two countries, and further strengthening investment partnerships.
If you look around the world today, supply chains and trade relations are under pressure, and investment is becoming increasingly difficult to predict. Therefore, in this environment, the attention of both our countries to these issues is a message in itself.”
