India and Russia are discussing a free trade agreement (FTA), which could deepen their economic relationship. Despite pressure from Western countries to distance itself from Russia, India’s External Affairs Minister, S Jaishankar, emphasized the importance of the India-Russia relationship and the resources and technology Russia can offer India’s growth. The issue of trade imbalance was also addressed during the event, with Manturov noting that Russia is looking forward to intensifying negotiations on an FTA with India. Road construction material and equipment, chemicals, and pharmaceutical products were identified as in-demand products in Russia that could create opportunities for Indian companies to increase their supplies to Russia. The announcement comes as New Delhi is engaged in FTA discussions with other countries, and Russia is considering widening the use of “national currencies and currencies of friendly countries.”
