India-EAEU Trade Agreement: A New Era of Economic Cooperation

Russian President Vladimir Putin emphasized the urgent need for a preferential trade agreement between India and the Eurasian Economic Union (EAEU) to ease trade barriers. This agreement aims to bolster trade relationships and collaboration across sectors, with a target of reaching a USD 100 billion trade goal by 2030.

In a significant development, Russian President Vladimir Putin highlighted the importance of a swift signing of a preferential trade agreement with India and the Eurasian Economic Union (EAEU) during his Friday address. The initiative aims to reduce trade barriers, facilitating smoother movement of goods, services, and capital between the regions.

The two-day official visit of Putin saw fruitful discussions at the India-Russia Business Forum, where both he and Indian Prime Minister Narendra Modi stressed the ambitious target of achieving USD 100 billion in trade by 2030, from the current $70 billion. Such growth necessitates active efforts from business communities in both nations.

Beyond trade, Putin underscored the importance of industrial collaboration in fields like artificial intelligence. EAEU member nations, including Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, are keen to enhance economic ties with India, highlighting the significance of using national currencies for resilient trade solutions.

(With inputs from agencies.)