India–Russia Set 100 Billion Trade Target by 2030, Strengthen Market Access and Investment Framework

India and Russia are accelerating their economic engagement with a renewed commitment to achieve $100 billion in bilateral trade by 2030 . At the 26th Working Group meeting in Moscow , senior officials from both countries discussed strategies to improve market access, diversify exports and streamline regulatory processes across priority sectors.

Strengthening Market Access for Key Indian Exports

India emphasised the importance of improving entry pathways for high-potential export sectors, particularly marine products and pharmaceuticals . It requested faster certification approvals for Indian marine establishments and sought a more predictable, time-bound regulatory framework for pharma registration in Russia. These reforms are essential to reduce delays and expand India’s presence in the Russian market.

New Protocol to Boost Economic Cooperation

A new Protocol on Trade and Economic Cooperation was signed to institutionalise coordination between ministries, regulatory bodies and industry groups. The framework aims to simplify trade procedures, enhance regulatory transparency and support the larger goal of reaching the $100 billion target.

Expanding Trade Across Goods and Services

Both sides identified several promising sectors for expansion— engineering goods, electronics, automobiles, chemicals, textiles, agriculture and leather products . India highlighted its competitive strengths in smartphones, vehicles, gems & jewellery and organic chemicals , which align with Russia’s diversification needs.

In services, India encouraged greater Russian collaboration in IT-BPM, fintech, design, education, healthcare and creative industries , while seeking easier mobility for skilled professionals.

Investment, Payments and Technology Integration

Discussions also covered Russia’s interest in finalising a Bilateral Investment Treaty (BIT) to ensure secure cross-border investments. India and Russia explored customised payment solutions for SMEs , aimed at overcoming transaction hurdles. India also showcased opportunities within its expanding Global Capability Centre (GCC) ecosystem, offering Russian firms services in analytics, cybersecurity, product design and shared operations .

Exam Points

• Current India–Russia trade: ~$25 billion .

• Trade target for 2030: $100 billion .

• Key focus sectors: marine products, pharmaceuticals, engineering goods, electronics .

• Meeting: 26th Working Group on Trade & Economic Cooperation in Moscow .

• Russia interested in signing a Bilateral Investment Treaty (BIT) .

• SMEs to benefit from new customised payment solutions .