India and Russia Set New Roadmap to Achieve $100B Trade Goal

India and Russia: In a renewed effort to strengthen India-Russia trade cooperation, India has called on Russia to expedite the approval and registration processes for Indian marine and pharmaceutical products. The move is part of a broader strategy to enhance market access, diversify trade portfolios, and pave the way toward the ambitious bilateral trade target of $100 billion by 2030.

During his official visit to Moscow, Commerce Secretary Rajesh Agrawal met with Vladimir Ilyichev, Deputy Minister of Economic Development of the Russian Federation, for the 26th Meeting of the India-Russia Working Group on Trade and Economic Cooperation under the Inter-Governmental Commission (IRIGC). The discussions culminated in the signing of a comprehensive protocol aimed at advancing trade, investment, and economic collaboration across multiple sectors.

India and Russia: India Calls for Faster Approvals and Regulatory Reforms

According to the Ministry of Commerce and Industry, Agrawal emphasized the need for a systems-based approach with Russia’s Federal Service for Veterinary and Phytosanitary Supervision (FSVPS) to streamline agricultural trade, particularly in marine exports. He also pressed for a time-bound framework to facilitate pharmaceutical registrations, ensure regulatory reliability, and create predictable approval timelines for Indian companies.

“The issues included expedited listing of Indian establishments and a systems-based approach with FSVPS in agriculture, especially marine products, and a time-bound pathway in pharmaceuticals covering registration, regulatory reliance, and predictable timelines,” the ministry’s statement said.

This push reflects New Delhi’s intent to address existing procedural bottlenecks and enhance the integrity and efficiency of India-Russia trade cooperation, particularly in high-value export sectors like pharmaceuticals and marine goods.

Broadening Horizons: From Engineering to Electronics

With bilateral trade currently standing at $25 billion, both sides reaffirmed their commitment to scaling it to $100 billion by 2030. The working group identified engineering goods, chemicals, plastics, electronics, pharmaceuticals, agriculture, leather, and textiles as key growth drivers.

India also spotlighted its global strengths in smartphones, motor vehicles, gems and jewellery, organic chemicals, and textiles, all of which align with Russia’s trade diversification goals. This synergy, officials noted, could help build a more resilient, de-risked, and balanced trade relationship between the two long-standing partners.

India and Russia: Services Sector – The New Frontier of Collaboration

In a notable development, the Indian delegation encouraged greater participation of Russian companies in India’s expanding IT-BPM, healthcare, education, and creative industries sectors. At the same time, India sought easier mobility for its professionals to work in Russia, addressing workforce gaps in key Russian industries.

Agrawal showcased India’s vibrant Global Capability Centre (GCC) ecosystem, which accounts for nearly 45% of all global GCCs, hosting over 1,700 centres and employing around 1.9 million professionals. These centres, he said, offer an opportunity for Russian firms to enhance business continuity, cybersecurity, analytics, and design capabilities — boosting both nations’ service supply chain resilience.

Investment and Financial Pathways

Acknowledging Russia’s keen interest in concluding a bilateral investment treaty, India agreed to explore mechanisms that could support mutual investments and enhance investor confidence. Both sides also agreed to develop alternative payment solutions catering especially to small, medium, and micro enterprises (MSMEs) — a move expected to make cross-border trade more efficient and stable amid evolving global financial dynamics.