London Daily

Focus on the big picture.
Monday, Sep 15, 2025

India, Russia talk free trade deal in step-up of relations

India, Russia talk free trade deal in step-up of relations

India and Russia are in discussions for a free trade agreement, their ministers said on Monday, with the deal expected to further boost commercial ties that have flourished since Moscow’s invasion of Ukraine.
Russia’s Deputy Prime Minister Denis Manturov and India’s Foreign Minister Subrahmanyam Jaishankar held a meeting with business leaders from the two countries on Monday as part of Manturov’s two-day visit to the South Asian country.

A free trade deal will mark a step up in India-Russia economic relations as New Delhi maintained expanding ties with both Russia and the West amid the war in Europe, which it has not explicitly criticized.

“We will rely on trusted foreign partners. We will make every effort to expand our cooperation ties,” Manturov, who is also the industry and trade minister, told a business forum in New Delhi. “Particular importance is attached to the issues of mutual access of products to the markets of both countries. Together with the Eurasian Economic Commission, it is planned to intensify negotiations with India to conclude a free trade agreement.”

Discussions on a trade pact between India and the Russian-led Eurasian Economic Union had been disrupted by the COVID-19 pandemic, Jaishankar said at the event.

“The (COVID-19 pandemic) interrupted those discussions, so I would very much hope that our colleagues will pick up on this. We will certainly encourage them from the Foreign Ministry side, because we do believe that they will make a real difference to our trade relationship,” he said.

India and Russia are also in “advanced negotiations” on a new bilateral investment treaty, Jaishankar added.

India’s imports from Russia more than quadrupled to over $46 billion over the last fiscal year, mainly through oil, which had been available only in small quantities before the war that began in February last year.

While Russia has long been India’s top source of military hardware, last month it became New Delhi’s top supplier of crude oil, displacing Iraq.

Monday’s announcement comes at a time when India is also in talks for an FTA with the UK, the EU, and the Gulf Cooperation Council.

While an FTA with the Moscow-led Eurasian Economic Union has been discussed for years without much progress, India’s trade priorities shifted after the Russian invasion, said Amitabh Singh, an associate professor at the Centre for Russian and Central Asian Studies at Jawaharlal Nehru University.

“Now, our priority of trade has changed after the Ukraine war. Earlier, we were not buying crude oil from Russia, and now we are doing that. So, it would require a rethink in terms of the FTA,” Singh told Arab News.

“India and Russia have not been able to achieve the level of trade relations that they could (potentially) have. Trade between them is minuscule compared to the size of the two countries,” Singh said.

“Ideally, India would like to join the FTA, but…I don’t think in the course of war anything substantial can be done. India wouldn’t like to be seen as a sympathizer to Russia if the war goes on.”

Even if such a deal goes through as war continues in Ukraine, however, India may not have to worry about any implications from the West, said Harsh V. Pant, head of strategic studies at the Delhi-based Observer Research Foundation.

“I don’t think the West will really take it that seriously if India does go ahead with the deal,” Pant told Arab News.

“India and Russia have, for a very long time, been trying to revive their economic relationship because their relationship is very weak. Signing an FTA would be Russia’s way of saying that they are serious about economic relations with India,” Pant said.

“They want to invest in it whether or not it goes through, whether or not there is any possibility of succeeding.”
Comments

Oh ya 2 year ago
All the while not using the US petrodollar. Slowly the US sinks into the backdrop of night

Newsletter

Related Articles

0:00
0:00
Close
London Daily Podcast: London Massive Pro Democracy Rally, Musk Support, UK Economic Data and Premier League Results Mark Eventful Weekend
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Musk calls for new UK government at huge pro-democracy rally in London, but Britons have been brainwashed to obey instead of fighting for their human rights
Elon Musk responds to post calling for the murder of Erika Kirk, widow of Charlie Kirk: 'Either we fight back or they will kill us'
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
USA: Office Depot Employees Refused to Print Poster in Memory of Charlie Kirk – and Were Fired
Proposed U.S. Bill Would Allow Civil Suits Against Judges Who Release Repeat Violent Offenders
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
French Debt Downgrade Piles Pressure on Macron’s New Prime Minister
US and UK Near Tech, Nuclear and Whisky Deals Ahead of Trump Trip
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
Anesthesiologist Left Operation Mid-Surgery to Have Sex with Nurse
Tens of Thousands of Young Chinese Get Up Every Morning and Go to Work Where They Do Nothing
The New Life of Novak Djokovic
The German Owner of Politico Mathias Döpfner Eyes Further U.S. Media Expansion After Axel Springer Restructuring
Suspect Arrested: Utah Man in Custody for Charlie Kirk’s Fatal Shooting
In a politically motivated trial: Bolsonaro Sentenced to 27 Years for Plotting Coup After 2022 Defeat
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
ChatGPT CEO signals policy to alert authorities over suicidal youth after teen’s death
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
Starmer Establishes Economic ‘Budget Board’ to Centralise Policy and Rebuild Business Trust
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Brazilian police say ex-President Bolsonaro had planned to flee to Argentina seeking asylum
Trinidad Leader Applauds U.S. Naval Strike and Advocates Forceful Action Against Traffickers
Kim Jong Un Oversees Final Test of New High-Thrust Solid-Fuel Rocket Engine
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Supreme Court temporarily allows Trump to pause billions in foreign aid
Charlie Sheen says his father, Martin Sheen, turned him in to the police: 'The greatest betrayal possible'
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
Pig Heads Left Outside Multiple Paris Mosques in Outrage-Inducing Acts
Nvidia’s ‘Wow’ Factor Is Fading. The AI chip giant used to beat Wall Street expectations for earnings by a substantial margin. That trajectory is coming down to earth.
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
On the Anniversary of Queen Elizabeth’s Death: Prince Harry Returns to Britain
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Murdoch Family Finalises $3.3 Billion Succession Pact, Ensuring Eldest Son’s Leadership
×