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India-Russia Trade Breakthrough: How $100 Billion Goal Reshapes Global Markets

India and Russia are significantly expanding their economic partnership with ambitious new targets. The two nations have already surpassed their previous trade benchmarks, reaching over twice the 2014 goal of $25 billion. They've established a comprehensive protocol covering multiple sectors including agriculture, pharmaceuticals, and engineering goods. The partnership also focuses on services trade and addressing payment challenges for businesses.

Key Points: India Russia Deepen Trade Ties with $100 Billion 2030 Target

  • Bilateral trade exceeds $50 billion, doubling the 2014 benchmark of $25 billion
  • New protocol covers agriculture, pharmaceuticals with streamlined regulatory processes
  • Indian IT, healthcare and education services promoted to Russian market
  • Both nations exploring payment solutions for small and medium enterprises
2 min read

India and Russia to deepen trade ties, unlock market access

India and Russia strengthen economic partnership with new trade protocol, targeting $100 billion bilateral trade by 2030 through expanded market access across multiple sectors.

"The two sides reviewed bilateral trade, which has risen to well over twice the leaders' 2014 benchmark of $25 billion - Commerce Ministry Statement"

New Delhi, Nov 14

India has reaffirmed the potential for expanding and deepening trade with Russia and proposed confidence-building measures to further unlock market access.

Towards this shared goal, Commerce Secretary Rajesh Agrawal met 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 aegis of the Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC), in Moscow.

According to a Commerce Ministry statement, the two sides reviewed bilateral trade, which has risen to well over twice the leaders' 2014 benchmark of $25 billion, and took note of the shared objective of $100 billion by 2030.

A forward looking protocol for trade and economic cooperation across multiple sectors was finalised and signed during the meeting, the ministry informed.

The issues included expedited listing of Indian establishments and a systems-based approach with the Federal Service for Veterinary and Phytosanitary Supervision of Russia (FSVPS) in agriculture, especially marine products and a time-bound pathway in pharmaceuticals covering registration, regulatory reliance, and predictable timelines.

Moreover, the Working Group noted the potential cooperation for expansion of trade across engineering goods, chemicals and plastics, electronics, pharmaceuticals, agriculture, leather, and textiles, and mapped Indian product strengths in engineering goods, smartphones, motor vehicles, gems and jewellery, organic chemicals, textiles, and leather sector that can support Russia's trade de-risking and diversification.

In the services sector, the Indian side encouraged greater procurement of Indian IT-BPM, healthcare, education, and creative services by Russian entities, alongside predictable mobility for Indian professionals to meet the labour shortages in the Russian market.

India's Global Capability Centre (GCC) ecosystem, around 45 per cent of global GCCs, with over 1,700 centres employing nearly 1.9 million professionals, was presented as a ready platform for Russian companies to strengthen business continuity, cybersecurity, design and analytics, and shared services, enhancing resilience in both goods and services supply chains.

Both sides also agreed to explore payments solutions to meet the needs for businesses, especially medium, small and micro enterprises.

- IANS

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Reader Comments

R
Rajesh Q
As a small business owner in engineering goods, I'm particularly happy about the payments solutions for MSMEs. International transactions have been challenging, so this should make exports smoother.
A
Anjali F
While I support stronger trade ties, I hope we maintain our strategic autonomy and don't become too dependent on any single partner. Diversification is key for long-term economic security.
V
Vikram M
The focus on pharmaceuticals and regulatory timelines is crucial. Indian pharma companies have huge potential in Russian markets if the registration process becomes faster and more predictable.
S
Sarah B
Great to see the IT-BPM sector getting attention! With 1.9 million professionals in GCCs, we have the talent to support Russian companies' digital transformation needs.
M
Michael C
The marine products and agriculture cooperation is promising. Indian seafood exporters have been facing challenges in various markets - this could open up significant opportunities.

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