NEW DELHI — India has reaffirmed its commitment to expanding and deepening trade with Russia, proposing new confidence-building measures aimed at improving market access and streamlining business engagement between the two countries.
Commerce Secretary Rajesh Agrawal met with Vladimir Ilyichev, Russia’s Deputy Minister of Economic Development, in Moscow for the 26th meeting of the India-Russia Working Group on Trade and Economic Cooperation. The session was held under the framework of the Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation.
According to the Commerce Ministry, both sides reviewed the sharp rise in bilateral trade, which has grown to more than double the $25 billion benchmark set by national leaders in 2014. They also reaffirmed the shared goal of reaching $100 billion in trade by 2030.
A forward-looking protocol covering cooperation across multiple sectors was finalized and signed during the meeting.
The talks addressed the need for expedited listing of Indian establishments under Russia’s Federal Service for Veterinary and Phytosanitary Supervision (FSVPS), including a systems-based approach to improve agricultural trade, particularly for marine products. Both nations also agreed on developing a time-bound pathway for pharmaceutical cooperation, including registration processes, regulatory predictability, and reliance mechanisms.
The Working Group also identified opportunities for stronger trade across engineering goods, chemicals and plastics, electronics, pharmaceuticals, agriculture, leather, and textiles. Indian strengths in smartphones, motor vehicles, gems and jewelry, organic chemicals, textiles, and leather were highlighted as areas that can support Russia’s efforts to diversify and de-risk its trade portfolio.
In services, India encouraged greater procurement of Indian IT-BPM, healthcare, education, and creative services by Russian entities. The Indian side also emphasized the need for predictable mobility pathways for Indian professionals to help meet labor gaps in the Russian market.
India showcased its Global Capability Centre (GCC) ecosystem — home to nearly 45 percent of the world’s GCCs with more than 1,700 centers employing 1.9 million people — as a ready platform for Russian companies seeking enhanced business continuity, cybersecurity, design, analytics, and shared-services capabilities.
Both countries also agreed to continue exploring payment solutions tailored to the needs of businesses, particularly micro, small, and medium enterprises. (Source: IANS)
