By Admin 
US President Donald Trump claimed that India has agreed to stop purchasing Russian oil. On the other hand, India has made its stand clear and said that we will do only what is in the interest of our country. After the agreement on India-US trade deal and the Free Trade Agreement (FTA) with the European Union, now a mega deal is going to happen between India and Russia. Russian Deputy Prime Minister Alexei Overchuk said that the first round of negotiations regarding Preferential Trade Agreement (PTA) with India has been completed.
India is going to make trade deal with Russia
The Russian Deputy Prime Minister appeared very positive about this deal and indicated that a trade deal is going to be finalized between the two countries soon. According to the report of Russian news agency TASS, Alexey Overchuk said, ‘We are currently in talks with India. We have high hopes for this deal to be finalized. This deal will create a lot of opportunities for Russian companies. If an agreement is reached with India, Russian businesses will get access to a market of 2.2 billion people.
Sectors like manufacturing will get a boost
India is negotiating a trade framework with the Eurasian Economic Union (EAEU), which aims to reduce taxes and ease market access for goods and services. The proposed agreement aims to promote bilateral trade beyond traditional sectors like energy and defence, and expand cooperation in manufacturing, pharmaceuticals, agriculture and technology.
Target to increase bilateral trade to 100 billion dollars
Negotiations with the EAEU have gained momentum due to India-Russia’s efforts to diversify trade and reduce dependence on a limited market amid turmoil in the world economy. Apart from Russia, EAEU includes Armenia, Belarus, Kazakhstan and Kyrgyzstan. Recently Russian President Vladimir Putin was visiting India. Where both the leaders have set a target of taking bilateral trade to 100 billion dollars by 2030.