“We have already put into service a shipping company between Vladivostok and Chennai. We are dealing with an important trade route that never existed, a new route between our two countries. For fully multilateral agreements (not included below), see: List of multilateral free trade agreements. NEW DELHI, 6 December. /TASS/. India and the Eurasian Economic Union (EAEU) have concluded preliminary expert consultations on the formation of a free trade area, the countries will start talks on concluding a free trade agreement in early 2022, Russian Foreign Minister Sergey Lavrov told reporters on Monday. Dezan Shira & Associates advises international companies on conducting business across Asia and has offices in India and Russia. For advice on setting up business activities, importing and exporting between India and Russia and vice versa, please contact Maria Kotova at india@dezshira.com. The North-South Transport Corridor is the sea, rail and road route for the transport of goods between India, Russia, Iran, Europe and Central Asia. The road mainly includes the transport of goods from India, Iran, Azerbaijan and Russia by boat, rail and road. [73] The objective of the corridor is to improve trade links between major cities such as Mumbai, Moscow, Tehran, Baku, Bandar Abbas, Astrakhan, Bandar Anzali, etc.

[74] In 2014, dry trips were made on two routes, the first was Mumbai to Baku via Bandar Abbas and the second was Mumbai to Astrakhan via Bandar Abbas, Tehran and Bandar Anzali. The objective of the study was to identify and address the most significant bottlenecks. [75] [76] The results showed that transportation costs were reduced by “$2,500 per 15 tonnes of freight.” [76] Other routes under consideration include Armenia, Kazakhstan and Turkmenistan. The Soviet Union was a major supplier of defense equipment for several decades, and this role was inherited from the Russian Federation. Russia 68%, the United States 14% and Israel 7.2% are India`s main arms suppliers (2012-2016), and India and Russia signed their cooperation in the production of defense equipment Made in India by signing agreements on the construction of naval frigates, twin-engine multipurpose helicopters KA-226T (Joint Venture (JV) to produce 60 in Russia and 140 in India), Brahmos cruise missiles (joint venture with 50.5% in India and 49.5% in Russia) have deepened (December 2017 update). [35] In December 1988, an Indo-Russian cooperation agreement was signed, which led to the sale of a variety of defense equipment to India and also to the emergence of countries as development partners as opposed to a pure buyer-seller relationship, including joint venture projects for the development and production of the fifth-generation fighter jet (FGFA) and multirole transport aircraft (MTA). The agreement is still awaiting a 10-year extension. [36] In 1997, Russia and India signed a ten-year agreement on the continuation of military-technical cooperation, which included a wide range of activities, including the purchase of finished weapons, joint development and production, and the joint commercialization of weapons and military technology. [37] The Eurasian Economic Union, composed of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, has concluded the following free trade agreements, see below. “Everything is ready for the start of negotiations on the conclusion of a free trade agreement. I think if a COVID problem does not bother, it will happen early next year,” the Russian foreign minister said. In 2019, trade turnover between EAEU member states and India amounted to $13.8 billion, reaching $9 billion in the first nine months of 2020.

Russia is India`s largest trading partner among the EAEU countries. The two sides also confirmed the need to sign an updated investment protection agreement before approving the trade, economic and investment cooperation programme until 2030 and completing work on some other documents “capable of truly taking the interaction to a new level”. Lavrov said. “We are interested in talks between India and the Eurasian Economic Commission on the establishment of a free trade area, which should start as soon as possible. A corresponding working group has been set up. We hope that the date of the first meeting will be set soon,” Lavrov said. The EAEU was founded in 2015 and is a free trade bloc consisting of Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan. The union has a market of 183 million people and a combined gross domestic product of more than $1.9 trillion. Historically, there is a long history of cooperation between the Soviet Union and India in space. Examples include Aryabhata, India`s first satellite,[71] named after an Indian astronomer of the same name. [72] It was launched by the Soviet Union on April 19, 1975[71] by Kapustin Yar on a Kosmos 3M launcher.

The only Indian to visit space, Rakesh Sharma, was also launched by the Soviet Union. .