Goyal looks to advance EAEU trade deal talks
Commerce Minister Piyush Goyal is set to meet Russian Trade and Industry Minister Anton Alikhanov and Andrey Slepnev, EAEU Minister for Trade, during the BRICS gathering on Thursday. The discussions may revolve around advancing the trade deal negotiations with the Eurasian Economic Union (EAEU), which includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
India has already signed the Terms of Reference for a trade pact with the EAEU on August 20, 2025. An outline of an 18-month work plan is also being prepared to diversify markets for Indian businesses, including MSMEs, farmers, and fishermen.
Diversifying export markets is crucial for India, as the country aims to enhance bilateral trade with Russia, targeting approximately $100 billion by 2030. The overall trade gap between India and the 10 BRICS nations has widened from $74.5 billion in FY21 to $226.1 billion in FY26. India's share of BRICS imports has increased from 35.2% to 41.5%, while its export share has declined from 22% to 21.7%.
China, the UAE, and Russia account for nearly 84% of India's BRICS imports, with Chinese imports amounting to $131.6 billion and Russian imports surging to $55.4 billion in 2025-26.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
