India is advancing negotiations for a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU) as part of broader efforts to expand exports to Russia and other member states, according to India's Ambassador to Russia, Vinay Kumar.

Speaking in Kazan during the second edition of the India-Russia Business Forum, Kumar expressed confidence that bilateral trade between the two countries would reach the leaders' target of $100 billion by 2030.

He noted that India-Russia trade turnover reached $38 billion during the first six months of 2026, underlining the rapid growth in economic ties and the potential for further expansion.

According to Kumar, both countries are working to broaden the range of goods traded and increase the volume of existing exports. A key priority is diversifying India's export basket to reduce concentration in a limited number of product categories.

Another focus area is improving access for Indian businesses in the Russian market. India is engaging with Russian authorities to address standards-related issues and non-tariff barriers that affect exporters, particularly those in the agricultural and marine products sectors.

These efforts are also intended to support the entry of additional Indian companies with strong export credentials into Russia, creating new commercial opportunities and strengthening supply chains between the two countries.

Kumar said negotiations on an FTA with the EAEU remain a major strategic objective. Such an agreement is expected to enhance market access not only in Russia but also across other EAEU member countries, potentially boosting Indian exports and deepening regional economic integration.

Highlighting the pace of growth in bilateral commerce, the Ambassador said current trends indicate that India and Russia are well positioned to achieve the $100 billion trade goal established by their leaders in 2024.

Addressing criticism from some Western countries and US sanctions-related concerns regarding India's purchases of Russian energy, Kumar reiterated that New Delhi's policy is driven by energy security requirements and the need to secure supplies at competitive prices.

He argued that Europe has imported more than $320 billion worth of Russian energy resources since 2022, a figure he said significantly exceeds the overall scale of India-Russia trade.

Kumar emphasised that India's approach remains centred on ensuring reliable and diversified energy supplies for its population of 1.4 billion people while maintaining predictable access to energy imports at the most competitive rates available.

His remarks were delivered at the Tatarstan Initiative Mutual Efficiency (TIME) forum in Kazan, an event designed to promote business-to-business engagement, strengthen commercial partnerships and identify new avenues for economic cooperation between India and Russia.

The push for an EAEU trade agreement comes as India seeks to expand its export footprint in Eurasia, while Russia continues to deepen economic engagement with major Asian partners amid shifting global trade patterns and evolving geopolitical realities.

ANI