Bilateral Updates

The Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom will come into force from July 15 with both sides reaching an understanding on the last-leg issues around Britain’s steel safeguard measures. The date for Entry into Force (EIF) of the agreement was announced by UK Prime Minister Keir Starmer and Prime Minister Narendra Modi after their meeting on the sidelines of the G-7 Summit at Evian in France.

India and the US are moving towards closing all the open ends of the interim trade agreement, and both sides are likely to execute the "very, very vibrant" first phase of the pact by the middle of next month, Commerce and Industry Minister Piyush Goyal said on Friday. He said that the US team was in New Delhi from June 2-4 for finalisation of the deal. They held discussions with the Indian team.

New frontiers of energy cooperation, trade and industrial partnerships, and critical minerals are emerging as the next stage in burgeoning India-Russia economic partnership. Representatives of the Trade Representation of the Russian Federation in India recently participated in the high-level meet “India-Russia: Expanding Frontiers of Special & Privileged Strategic Partnership”, organised by Indo Russia 'Innopraktika' Technology Hub with the participation of selected audience comprising government officials, industry representatives, experts and academia.

External Affairs Minister S Jaishankar and Russian Foreign Minister Sergey Lavrov held “productive” talks on Wednesday to advance bilateral cooperation in energy and trade amid shifting geopolitical tensions. Jaishankar met Lavrov, shortly after the Russian foreign minister landed in New Delhi to attend a two-day conclave of the BRICS member states beginning Thursday.

India and the Russia-led EAEU group are expected to hold next round talks for a proposed free trade agreement in June in Moscow, an official said. India and the five-nation grouping, the Eurasian Economic Union (EAEU), on August 20 last year inked the terms of reference for the agreement. The first round of negotiations was held in November 2025 here.

India is expected to continue purchasing crude oil and cooking gas (LPG) from Russia even after the expiry of the US’s one-month sanctions waiver on such imports, Mint reported, citing two people aware of the matter. The US had briefly relaxed sanctions in early March for Russian oil and petroleum products already in transit, amid concerns over global supply disruptions linked to the West Asia conflict. However, US Treasury Secretary Scott Bessent said on Wednesday that the waiver would not be extended, Mint noted.

India's crude oil purchases from Russia more than tripled to 5.3 billion euro in March as volumes doubled and a surge in oil prices pushed up the import bill. European think tank Centre for Research on Energy and Clean Air (CREA), in a report, said after a drop in purchases in February, India was back to a buying binge in March.