Russian President Vladimir Putin on Friday said negotiations on trade liberalisation between India and the Eurasian Economic Union (EAEU) had “intensified”, signalling renewed momentum in efforts to conclude a long-pending free trade agreement amid rapidly expanding India-Russia economic ties.Addressing the expanded meeting of Supreme Eurasian Economic Council in Astana, Putin said EAEU was steadily widening its global trade partnerships and identified India among key countries with which negotiations were advancing.“Last year, trade agreements were concluded with Mongolia, the United Arab Emirates (UAE) and Indonesia. Negotiations on trade liberalisation with India have also intensified,” Putin said.The remarks assume significance as India and Russia continue to deepen economic engagement despite growing geopolitical tensions and Western sanctions on Moscow.India and the five-member EAEU — comprising Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan — have been exploring a free trade agreement for several years. Both sides had earlier finalised the terms of reference for negotiations as part of efforts to boost market access and remove tariff and non-tariff barriers.Trade and economic cooperation has emerged as a major pillar of the India-Russia strategic partnership in recent years, with both countries targeting bilateral trade of USD 100 billion by 2030.Bilateral trade reached a record USD 68.7 billion in 2024-25, driven largely by India’s increased imports of discounted Russian crude oil following the Ukraine conflict. India’s imports from Russia stood at USD 63.8 billion, while exports totalled USD 4.9 billion.Key Indian exports to Russia include pharmaceuticals, chemicals, iron and steel, and marine products, while imports are dominated by crude oil, petroleum products, fertilisers, coking coal and precious metals.Putin said EAEU had emerged as an effective integration bloc with growing internal trade and expanding cooperation in finance, industry and agriculture.He noted that trade flows among EAEU member states had touched USD 95 billion last year and said settlements between member countries were increasingly being conducted in national currencies to shield trade from “external influence and adverse trends in global markets”.The Russian President also highlighted growing industrial cooperation, import-substitution efforts and the creation of integrated supply chains within the bloc.India and Russia have intensified high-level economic engagement over the past year through mechanisms such as India-Russia Intergovernmental Commission for Trade, Economic, Scientific and Cultural Cooperation, co-chaired by External Affairs Minister S Jaishankar and Russian First Deputy Prime Minister Denis Manturov.The latest round of talks focused on improving connectivity, payment mechanisms, logistics and fast-tracking the proposed India-EAEU free trade agreement.