India has started trade talks again with the Russia-led Eurasian Economic Union (EAEU). The EAEU includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyz Republic. Talks stopped in 2022 after the Ukraine war.
The restart comes after talks with the United States failed. US President Donald Trump called India a “dead economy” and raised tariffs on Indian goods to 50%.
On August 20, India and the EAEU signed a Terms of Reference (ToR) in Moscow. This is the first step for a Free Trade Agreement (FTA). The agreement will help India trade more, attract investments, and build strong business ties with the EAEU.
India-EAEU trade reached $69 billion in 2024, up 7% from 2023. The FTA will give Indian companies access to new markets and help small and medium businesses.
India imports a lot of oil from Russia, about 35–40% of its total oil imports, but exports to Russia are still small. India is also looking at trading in rupees and rubles to balance trade.
With US tariffs making exports harder, India wants new markets. Russia could buy more textiles, medicines, and engineering goods from India.
The talks show India wants to grow trade, find new markets, and reduce problems from US tariffs.
Nithin Rosh 
Leslie Rajan