India–Russia Push for $100 Billion Trade Target by 2030

India and Russia have intensified efforts to expand bilateral trade, focusing on improved market access for marine, pharmaceutical and high-value industrial products. Senior officials from both sides met in Moscow to accelerate approvals, streamline regulations and identify sectors that can drive long-term commercial growth.

Market Access Priorities for Key Export Sectors

India requested faster clearances for domestic establishments seeking certification in Russia, especially for marine exports. It also emphasised a more predictable regulatory system for pharmaceutical products, including time-bound registration and reliance mechanisms. These steps are vital for boosting shipments in two sectors that have strong export potential but face procedural delays.

New Protocol for Economic Collaboration

A comprehensive protocol on trade and economic cooperation was signed during discussions between Indian and Russian officials. The framework aims to strengthen coordination across multiple ministries and agencies, supporting smoother trade flows and diversified market engagement. It also aligns with the broader ambition of reaching the $100 billion bilateral trade mark by 2030.

Diversification Opportunities Across Goods and Services

The working group highlighted several areas that could drive future expansion, including engineering goods, electronics, chemicals, textiles, agriculture and leather. India noted that its competitive strengths in smartphones, vehicles, organic chemicals and gems and jewellery can complement Russia’s diversification agenda. In services, India encouraged greater Russian participation in IT-BPM, education, healthcare and creative industries, while seeking easier mobility for skilled professionals.

Exam Oriented Facts

• Current India–Russia bilateral trade is around $25 billion.
• Targeted trade volume for 2030 is $100 billion.
• Marine and pharmaceutical products are key focus sectors for improved access.
• The latest discussions were held at the 26th Working Group meeting in Moscow.

Investment, Payments and Technology Collaboration

India acknowledged Russia’s interest in concluding a bilateral investment treaty to promote safer and more predictable investment flows. Both sides agreed to explore payment solutions tailored for small and medium enterprises to reduce transaction barriers. India also showcased its Global Capability Centre ecosystem, offering Russian firms opportunities in analytics, cybersecurity, design and shared services to strengthen long-term business continuity.