India has been in discussions with the Russia-led Eurasian Economic Union on a preferential trade framework that would lower tariffs and ease market access for goods and services.
Russia has said it is optimistic about concluding a preferential trade agreement with India, signalling progress in negotiations that could significantly expand economic ties between the two countries even as New Delhi balances parallel trade talks with the United States and the European Union.
Speaking at the forum Architecture of the Future: Russian Business in Key Multilateral Platforms, Russian Deputy Prime Minister Alexey Overchuk said talks with India had crossed an important milestone. “We’re currently negotiating with India. The first stage is over. We’re quite optimistic about it,” Overchuk said, according to Russian state news agency TASS.
He added that a successful agreement would open vast opportunities for Russian companies. “If the agreement is signed with India, Russian businesses will have access to a market of 2.2bn people,” Overchuk said.
