India fast-tracks new BIT with Russia, seeks early conclusion of EAEU FTA: Piyush Goyal

Reports coming in for today mention that Commerce and Industry Minister Piyush Goyal on September 10 stated India is fast-tracking a new Bilateral Investment Treaty with Russia, while the Russia-led Eurasian Economic Union is committed to concluding free trade agreement talks early.

Addressing the India-Russia Business Dialogue in New Delhi alongside Russian Minister of Industry and Trade Anton Alikhanov, Goyal stated the new BIT would provide market participants on both sides with the legal certainty they need when taking investment decisions.

“We are fast-tracking a new BIT to give market participants on both sides the legal certainty that projects and businesses look for when finalising investment decisions,” Goyal stated.

He additionally stated India and the Russia-led EAEU are committed to concluding FTA talks early.

India and Russia have had an investment-protection agreement in place since 1994. The Agreement on Promotion and Mutual Protection of Investments was signed on December 23, 1994.

The two countries subsequently agreed to renegotiate the existing investment-protection agreement. In a 2013 India-Russia joint statement, the two sides stated they would enter into discussions to renegotiate the 1994 agreement to provide protection for foreign investments in each other's territories.

India's broader BIT framework additionally changed during this period. The government approved a revised Indian Model BIT in December 2015, saying it would be used for renegotiating existing BITs and negotiating future investment agreements.

The government stated BITs provide protection to market participants, including through provisions on non-discrimination and dispute settlement, while balancing investor rights with the government's regulatory powers.

A 2017 government statement stated discussions on commencing negotiations on a BIT or investment agreement with Russia were ongoing.

More recently, at the 26th meeting of the India-Russia Working Group on Trade and Economic Cooperation in November 2025, the Indian side took note of Russian interest in concluding a bilateral investment treaty.

On the trade side, India and the Eurasian Economic Union formally rolled out negotiations for an FTA after signing the Terms of Reference on August 20, 2025.

The EAEU comprises Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. The Commerce Ministry stated the negotiations are aimed at expanding trade and economic cooperation between India and the five-member bloc.

The possibility of an India-EAEU trade agreement has been under discussion for several years. In the 2019 India-Russia joint statement, the two countries stated a proposed trading agreement between the EAEU and India could help address barriers in mutual trade.

The 2024 India-Russia leaders' joint statement on economic cooperation additionally listed the possibility of establishing an EAEU-India Free Trade Area and set a goal of taking bilateral trade between India and Russia above $100 billion by 2030, including through increased Indian supplies to achieve more balanced bilateral trade. $50 billion investment target

The BIT and FTA propel comes alongside the broader economic targets set by India and Russia.

The two countries are targeting $50 billion in mutual investments and $100 billion in annual bilateral trade by 2030.

Bilateral merchandise trade touched a record $59.86 billion in 2024-25, with Indian exports at $4.5 billion and imports from Russia at $55.4 billion, according to government data.

Goyal stated the India-Russia Priority Investment Projects Mechanism is at present tracking 40 live investment projects across advanced manufacturing, energy, railways and emerging technologies.

He called on Russia to open the door wider for Indian investments in pharmaceuticals, IT, artificial intelligence, services and railways.

“I would ask Russia to help open the door wider for Indian investments into Russia in pharma, in IT, AI, services, railways so the $50 billion target is genuinely a two-way street,” Goyal stated.

He additionally called on Russian firms to manufacture in India rather than only sell in the Indian market, pointing to India's national industrial corridors and plug-and-play infrastructure.

“To Russian industry friends, manufacture in India, don't just sell in India,” Goyal stated.

“To Indian industry, go to Russia as an investor and exporter,” he further noted.