Post-Soviet bloc working toward trade agreement with India – trade minister

The Eurasian Economic Union seeks to step up engagement with the South Asian nation, Andrey Slepnev has said

The Eurasian Economic Union (EAEU) is working toward finalizing a free trade agreement with India, the post-Soviet bloc’s trade minister, Andrey Slepnev, said on Tuesday.

Slepnev, who visited New Delhi this week, noted that the EAEU – comprising Russia, Belarus, Kyrgyzstan, Kazakhstan, and Armenia – has set a 2026 deadline for an agreement.

”First of all, we certainly recognize the interest of Indian partners in developing trade with the Eurasian Economic Union,” he said. “In this regard, the interest is mutual.”

The trade minister added that he looks forward to more Indian goods entering the EAEU market, though “our top priority is to increase the presence of Eurasian goods in the Indian market.” 

Shared Goals: EAEU Trade Minister Andrey Slepnev Talks Tangible Targets & Deadlines of India-Eurasian Economic Union FTA pic.twitter.com/2CT5vFepSb

— RT_India (@RT_India_news) September 16, 2025

Slepnev held talks with Indian Commerce Minister Piyush Goyal in New Delhi on Monday, where they agreed to hold negotiations for a free trade agreement in November. 

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“The ministers agreed on an approach under which the first round of negotiations is set to take place in early November this year in India and focus on discussing the core aspects of the future deal,” the Russian Embassy in New Delhi said in a statement. “It will be preceded by intensive consultations between the Commission, Indian partners, and the EAEU Member States.”

Slepnev said the sides will try to make progress on the deal before Russian President Vladimir Putin visits India to meet with Prime Minister Narendra Modi.

“Within the Eurasian Union, we are focused on completing this significant cycle of work by the December summit and on reaching some fundamental agreements on key issues that will enable us to be confident that by the deadline we have set for ourselves – 2026 – we will have already achieved tangible results,” he said.

Trade between India and the EAEU grew by 7% in 2024 to $69 billion, according to the Indian Commerce Ministry. “With a combined GDP of $6.5 trillion, the proposed [agreement] is expected to expand market access for Indian exporters, support diversification into new sectors and geographies, enhance competitiveness against non-market economies, and deliver significant benefits to micro, small, and medium enterprises,” the ministry said in August.