Moscow: Russia expressed optimism regarding the prospects of concluding a preferential trade deal with India, as stated by Deputy Prime Minister Alexey Overchuk.

According to Anadolu Agency, Overchuk made the remarks during a business forum in Moscow, highlighting that negotiations with New Delhi are ongoing, with the first stage of the process already completed. He emphasized the potential benefits of such an agreement, which could grant Russian businesses access to a vast market encompassing 2.2 billion people.

Overchuk mentioned that Russia has successfully concluded similar agreements with various countries, including those in the Commonwealth of Independent States, the Eurasian Economic Union, Vietnam, Serbia, and Iran. He noted the significance of these agreements in securing better market access and facilitating a reverse flow of imports, which could improve competition in Russia's domestic market.

Russian President Vladimir Putin, during a visit to India in December, had also underscored efforts to enhance bilateral trade with New Delhi, aiming to reach a target of $100 billion. The trade turnover between the two nations has reportedly reached record levels.