India’s Commerce Minister, Piyush Goyal, recently stated at an investor conference in Mumbai that the country hopes to finalize a bilateral trade agreement (BTA) with the United States by November. These negotiations were recently strained after the U.S. imposed a 50% tariff on key Indian exports on August 27, an action taken in response to New Delhi’s continued purchase of Russian oil. Despite this, Goyal expressed hope that relations between the two countries will get “back on track.”
Goyal also noted that trade negotiations with the European Union are in an “advanced stage” and are making significant progress. India has already finalized trade agreements with several other countries and blocs, including Mauritius, Australia, EFTA, the UK, and the UAE.
Deepening Defense Ties with Russia
Simultaneously, Russia has confirmed that it is in talks with India to supply additional S-400 Triumf surface-to-air missile systems. Dmitry Shugayev, head of Russia’s Federal Service for Military-Technical Cooperation, stated that “India already has our S-400 system. There is potential to expand our cooperation in this area as well.”
These negotiations come as India and Russia are reaffirming their close ties. During a recent Shanghai Cooperation Organisation (SCO) summit, Russian President Vladimir Putin referred to Indian Prime Minister Narendra Modi as his “dear friend,” and Modi stated that India and Russia have stood “side by side even in difficult times.”
According to the Stockholm International Peace Research Institute (SIPRI), Russia remains India’s largest arms supplier, accounting for 36% of its arms imports between 2020 and 2024. This continued military cooperation highlights New Delhi’s strategy of maintaining its long-standing relationship with Moscow even while expanding its partnerships with Western countries.
