Commerce and Industry Minister Piyush Goyal is scheduled to meet Russia’s Trade and Industry Minister Anton Alikhanov and Minister in charge of Trade of the Eurasian Economic Commission, Andrey Slepnev, on the sidelines of the BRICS meeting on Thursday. An official said the discussions could cover progress in negotiations for a trade deal between India and the Eurasian Economic Union (EAEU).
India is negotiating a trade agreement with the EAEU, comprising Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. The negotiations have reached an advanced stage, while the Terms of Reference for a trade pact with the EAEU were signed on August 20, 2025.
India seeks broader export markets
The proposed agreement is part of an 18-month work plan aimed at diversifying markets for Indian businesses. MSMEs, farmers and fishermen are also included in the plan.
India and Russia have set a bilateral trade target of approximately $100 billion by 2030, with both countries seeking to expand their wider economic partnership through manufacturing, investments, technology cooperation, logistics, localisation and industrial clusters.
The need for export diversification comes as India records a substantial trade deficit with the BRICS grouping. India had a $226.1 billion trade deficit with the 10 BRICS nations in FY26, compared with $74.5 billion in FY21.
India’s BRICS trade doubled during the period, increasing to $417.5 billion from $203.1 billion in FY21. The 11 BRICS economies are Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the UAE.
Imports rise faster than exports
India’s goods imports from the BRICS countries increased by 131.6% to $321.8 billion in FY26, compared with FY21, while outbound shipments increased by 48.8% to $95.7 billion.
The BRICS grouping’s share in India’s imports increased from 35.2% to 41.5%, while its share in India’s exports declined from 22% to 21.7%.
Trade remains concentrated among a few countries. China, the UAE and Russia supplied almost 84% of India’s BRICS imports.
India’s imports from China reached $131.6 billion, while imports from Russia increased more than tenfold to $55.4 billion in 2025-26.
India to focus on BRICS developmental priorities
During its chairship, India aims to place greater emphasis on the developmental priorities of the BRICS agenda, according to the official.
These include the internationalisation of MSMEs, a vibrant startup ecosystem, resilient global value chains, anti-corruption, smart grids, energy transitions and the circular economy.
The planned discussions with Russian and EAEU trade officials come as India seeks to expand market access and diversify its export destinations while working towards the bilateral trade target of approximately $100 billion by 2030.