India reaffirmed its commitment to expanding trade with Russia and proposed confidence-building measures to unlock market access further.
To advance this goal, Commerce Secretary Rajesh Agrawal met with Vladimir Ilyichev, Deputy Minister of Economic Development of Russia, in Moscow.
They attended the 26th meeting of the India-Russia Working Group on Trade and Economic Cooperation.
The meeting was held under the Inter-Governmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IGC).
During the meeting, both sides reviewed bilateral trade, which has surged to more than double the 2014 benchmark of $25 billion.
They reaffirmed their shared target of reaching $100 billion by 2030. The two sides also signed a forward-looking protocol to strengthen trade and economic cooperation across multiple sectors.
Key issues included expedited listing of Indian establishments and a systems-based approach with the Federal Service for Veterinary and Phytosanitary Supervision (FSVPS) in agriculture, particularly marine products.
They also agreed on a time-bound pathway in pharmaceuticals, covering registration, regulatory reliance, and predictable timelines.
The Working Group identified opportunities to expand trade in engineering goods, chemicals and plastics, electronics, pharmaceuticals, agriculture, leather, and textiles.
They highlighted Indian strengths in engineering goods, smartphones, motor vehicles, gems and jewellery, organic chemicals, textiles, and leather.
These strengths can support Russia’s trade diversification and risk reduction efforts.
In services, India encouraged Russia to increase procurement of IT-BPM, healthcare, education, and creative services. It also urged predictable mobility for Indian professionals to address labour shortages in Russia.
India’s Global Capability Centre (GCC) ecosystem comprises over 1,700 centres and nearly 1.9 million professionals.
It offers Russian companies platforms for business continuity, cybersecurity, design, analytics, and shared services. These platforms help strengthen resilience in goods and services supply chains.
Both nations also agreed to explore payment solutions to facilitate trade, especially for micro, small, and medium enterprises, enhancing ease of doing business.
The meeting underscored a mutual commitment to deepen economic ties, diversify trade, and leverage complementary strengths in goods, services, and technology.
It set the stage for a robust India-Russia partnership in the coming decade.
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