India and Russia explore free trade deal and investment guarantees.
India and Russia are discussing a free trade agreement to deepen bilateral commercial ties. India's Foreign Minister said his government was in "advance agreement" on a trade treaty that Russia's Trade and Industry Minister said would bring a guarantee of bilateral investment. Russia displaced Iraq last month to become India's top supplier of crude oil. Moscow is looking to increase machinery imports from India to improve the trade balance. India aims to narrow its growing trade deficit with Russia.