Русский
New Delhi and Moscow have made progress in talks to boost trade, India’s ambassador to Russia has said. Speaking at Russia’s main investment and trade platform Innoprom 2026 in Ekaterinburg on Monday, Vinay Kumar said that the two countries are negotiating a bilateral investment protection agreement and working to remove non-tariff barriers, particularly with regard to agriculture and food products.
The ‘bilateral investment protection agreement’ is a reference to a ‘bilateral investment treaty’, a formal document used to guarantee the rights of investors between two countries. They also commonly include negotiated references to tax benefits, especially within the service sectors.
Kumar also said that India and the Eurasian Economic Union (EAEU) have also made progress in discussing a free trade agreement. The second round of talks was held in Moscow late last month, Kumar said. This type of agreement would cover import duties on goods. Previous EAEU FTA have eliminated tariffs on 85% of all goods traded, including agreements with countries such as Iran, Indonesia, and Vietnam.
India-Russia trade is now running at about US$60 billion per annum, with both countries pursuing a trade target of US$100 billion by 2030.
Kumar said that Indian businesses were responding “very positively and actively” to the country’s expanding diplomatic presence, citing New Delhi’s Consulate General in Ekaterinburg that opened in November last year. India is represented by over 30 companies at the Innoprom investment fair currently being held in Ekaterinburg.
Another Innoprom conclave will be held in India in September, ahead of the BRICS summit in New Delhi.
