India has asked Russia to speed up approvals for Indian marine and pharmaceutical products, along with the clearing of domestic establishments, to help widen bilateral trade. The request came during Commerce Secretary Rajesh Agrawal’s visit to Moscow, where he outlined ways both sides can deepen economic ties and work toward the shared goal of reaching 100 billion dollars in trade by 2030.
India Seeks Quicker Approvals for Marine and Pharma Exports
During meetings in Moscow, Agrawal pressed for faster listing of Indian units and a systems-based process with Russia’s FSVPS for agricultural items, especially marine goods. He also called for a clear, time-bound path for pharmaceutical registration, regulatory reliance, and predictable review timelines. These measures, he said, are essential to expand India’s access to the Russian market.
Protocol Signed to Strengthen Economic Collaboration
A detailed protocol covering trade and economic cooperation across several sectors was finalised and signed by Agrawal and Vladimir Ilyichev, Russia’s Deputy Minister of Economic Development. Agrawal was in Moscow to participate in the 26th meeting of the India-Russia Working Group on Trade and Economic Cooperation.
Trade Target: 100 Billion Dollars by 2030
Bilateral trade currently stands at about 25 billion dollars. Both countries aim to quadruple this figure by 2030. The working group identified potential growth areas such as engineering goods, chemicals, plastics, electronics, pharmaceuticals, agriculture, leather, and textiles. India also highlighted its strength in smartphones, motor vehicles, gems and jewellery, organic chemicals, textiles, and leather — sectors that could support Russia’s diversification plans.
Opportunities in Services and Professional Mobility
India encouraged greater presence of Russian firms in IT-BPM, healthcare, education, and creative industries. It also sought smoother mobility for Indian professionals to meet workforce requirements in Russia.
The Indian side showcased its Global Capability Centre ecosystem, which includes more than 1,700 centres employing around 1.9 million people. These centres, it said, offer Russian companies a strong platform for business continuity, cybersecurity, analytics, design, and shared services.
Closer Investment Links and Payment Solutions
India acknowledged Russia’s interest in a bilateral investment treaty. Both sides agreed to explore new payment mechanisms that can support business needs, especially for micro, small, and medium enterprises.
