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India-Russia Free Trade Deal in Works, BRICScoin Digital Currency Proposed

Sergey Glazyev, State Secretary of the Union State of Russia and Belarus, announced that a free trade agreement between India and Russia is actively being structured. He highlighted the need to overcome currency capital challenges and reduce dependence on US-dominated capital markets. Glazyev proposed the creation of an intergovernmental settlement digital currency, BRICScoin, to facilitate cheaper integration. The forum positioned India and Russia as key players in shifting the global economic center to Southeast Asia.

Key Points: India-Russia Free Trade Agreement Under Negotiation

  • Free trade agreement under negotiation
  • Push for financial integration beyond USD
  • BRICScoin digital currency proposed
  • India hailed as a global innovation leader
  • Forum aims to solve currency capital issues
2 min read

"Free trade between India and Russia is being worked upon": State Secy of the Union of Russia and Belarus Sergey Glazyev

Russia's Sergey Glazyev announces work on India-Russia free trade pact & digital BRICScoin currency at Mumbai forum, signaling major economic shift.

"Free trade between India and Russia is being worked upon; the structure of the trade agreement is being carried out. - Sergey Glazyev"

Mumbai, March 19

At the Russian-Indian Forum titled "From The Volga to The Ganges" organised by the National Stock Exchange, Sergey Glazyev, State Secretary of the Union State of Russia and Belarus, emphasised the strategic importance of strengthening economic and financial ties between India and Russia.

Glazyev said, "India is a very important partner. Our economies supplement each other. We have resolved the trade between India and Russia. Free trade between India and Russia is being worked upon; the structure of the trade agreement is being carried out. We have common financial markets and we have no barriers. Currently, there's a problem of currency capital and this forum is perfect to solve the issue. I am very grateful to this."

He added that global economics has entered a phase of complexity due to current geopolitical and market developments, highlighting the challenges posed by the United States in dominating capital markets. "Similar trade war as it was during World War and US is trying to dominate the capital market," Glazyev noted.

He further pointed out India's growing influence, stating, "India is becoming a global leader, along with China, the world economy will shift to South East Asia. India is becoming a leader of innovation. On market capitalisation, India is leading the way. Leading in manufacturing. This problem of financial bubble will burst soon where US is trying to dominate."

Glazyev also addressed regional concerns, including the Strait of Hormuz, emphasising strategic positioning. He highlighted initiatives to modernise financial systems, including pilot projects for a digital national currency and the introduction of the intergovernmental settlement digital currency, BRICScoin. "We are ready for it and make our integration cheaper. It will be a complicated challenge. We should work to solve it soon. We should not be in a situation where a country could use its hegemony. We should create an environment where a financial structure can be set up that will benefit all. For this, we should be open for financial integration," he said.

The forum reflected a broader vision of strengthening India-Russia relations in trade, finance, and innovation, positioning both nations to play a pivotal role in reshaping global economic dynamics in the years ahead.

- ANI

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Reader Comments

P
Priya S
While the intent is good, I hope our negotiators are being very careful. Free trade agreements need to protect our local industries, especially MSMEs. We shouldn't end up just being a market for Russian goods. The focus should be on mutual benefit.
R
Rohit P
"India is becoming a leader of innovation." Hearing this from a Russian official feels great! But words are one thing, we need concrete projects and investments on the ground. Let's see the actual trade structure they are working on.
S
Sarah B
The geopolitical angle is crucial. With the US dominating capital markets, having strong alternative financial systems with partners like Russia is strategic. It gives India more room to maneuver on the global stage.
V
Vikram M
Solving the "problem of currency capital" is key. If we can trade in rupees and rubles effectively, it will save a lot of forex and boost bilateral trade. Hope the pilot projects for digital currency move fast.
K
Karthik V
The Russia-India friendship is time-tested. In this new multipolar world, strengthening this bond makes perfect sense. From energy to defence to now finance and trade—this partnership covers all bases. Good move!

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