India and Russia have commenced talks on a free trade agreement (FTA) to further deepen bilateral trade and commerce which has flourished since the start of the war in Ukraine, Indian government officials said on Tuesday, April 18.
The government officials pointed out that Indian imports from Russia increased four-fold to $46.33 billion in the fiscal year 2022-23, riding on the surge in cheap crude oil purchases by India.
“We pay special attention to the issues of mutual access of production to the markets of our two countries. Together with the Eurasian Economic Commission, we are looking to intensify negotiations on an FTA with India,” Russian deputy prime minister and trade minister Denis Manturov said during a visit to New Delhi. He said that Russia was considering widening the use of national currencies in trade between the two countries. India has been keen in increasing the use of the rupee in bilateral trade with other countries, including Russia.