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India, Russia talk free trade deal in step-up of relations
Business Standard
|April 18, 2023
India and Russia are discussing a free trade agreement (FTA), the Monday, an announcement that could deepen bilateral commercial ties that have flourished since war broke out in Ukraine.
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The FTA talks mark a step-up in economic relations between the two countries despite calls from Western countries for India to gradually distance itself from its dominant weapons supplier, Russia, over its February 2022 invasion of Ukraine.
India's imports from Russia more than quadrupled to $46.33 billion over the last fiscal year, mainly through oil. "We pay special attention to the issues of mutual access of production to the markets of our countries," Russian Deputy Prime Minister Denis. Manturov, who is also the trade minister, told an event in New Delhi. "Together with the Eurasian Economic Commission, we are looking forward to intensifying negotiations on a free trade agreement with India."
This story is from the April 18, 2023 edition of Business Standard.
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