India & Russia Look To Guarantee Bilateral Investment With Free Trade Agreement

The last fiscal year reportedly saw India's imports from Russia quadruple to $46.33 billion.

Russian President Vladimir Putin will visit India on 6 December. 

(Photo: Arnica Kala/The Quint)

A free trade agreement (FTA) between India and Russia is on the table, according to Russian Minister of Trade and Industry Denis Manturov.

"Together with the Eurasian Economic Commission, we are looking forward to intensifying negotiations on a free trade agreement with India," Manturov, who also serves as Russia's deputy prime minister, said at an event in New Delhi on Monday, 17 April.

Talking about Russia's current import needs such as road construction material and equipment, chemicals, and pharmaceutical products, Manturov said, "I am sure that this will create opportunities for Indian companies to increase their supplies to Russia."

"We pay special attention to the issues of mutual access of production to the markets of our countries," he added.

At the other end, External Affairs Minister S Jaishankar expressed hope that the two countries "will pick up on this...because we do believe it will make a real difference to our trade relationship."

The last fiscal year reportedly saw India's imports, mainly oil supplies, from Russia quadruple to $46.33 billion. However, India is also part of FTA discussions with Britain, the European Union, and the Gulf Cooperation Council, Reuters reported.