NEW DELHI / RankWire.AI / – India and Russia have committed to increasing their economic partnership to reach a goal of $100 billion in bilateral trade by 2030. They plan to rebalance their commercial relations by expanding sectors beyond energy. Speaking at the INNOPROM India 2026 industrial exhibition in New Delhi, Indian Commerce and Industry Minister Piyush Goyal and Russian Minister of Industry and Trade Anton Alikhanov agreed on a joint framework. The aim is to grow the annual trade volume from about $60 billion to higher levels. Goyal mentioned that achieving a $40 billion increase in four years will need steady double-digit growth each year. Negotiations for a new bilateral investment treaty and an India-Eurasian Economic Union free trade agreement are expected to accelerate.
In the co-chair session with Russian Minister Anton Alikhanov, Indian Union Minister Piyush Goyal emphasized strategic priorities to double non-energy trade. The Press Information Bureau shows notable growth in Indian exports of agricultural and processed food products to Russia. Indian exports of meat products increased 170 percent from $36 million to $97 million. Marine product shipments reached $159 million, reflecting rising consumer demand in Russia.
The focus of the expanded trade effort is on diversifying products beyond energy commodities. Both countries identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as key sectors for growth. To facilitate bilateral capital flow, negotiations on a new Bilateral Investment Treaty are being fast-tracked. Discussions on a free trade agreement between India and the Eurasian Economic Union are also progressing.
Record Growth in Indian Agricultural and Marine Exports to Russia
Talks centered on resolving financial and logistical challenges that hinder cross-border trade. Officials are working to strengthen national and local currency settlement systems to reduce dependence on third-party banking networks. Improving supply chains remains a priority, with infrastructure projects along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok being key to better logistics between South Asia and Russia.
India and Russia aim to reach $100 billion in bilateral trade by 2030, with both countries seeking $50 billion each in mutual investments across sectors like manufacturing, energy, mining, and technology. Currently, the investment priority mechanism oversees 40 active joint projects. Russian industry players are invited to set up manufacturing bases within India’s plug-and-play industrial corridors, while Indian companies are encouraged to expand investments across Russian regional economies.
Indian Agricultural Exporters Secure Market Access Across Russian Regions
Bilateral ties deepened during high-level diplomatic meetings held alongside international multilateral summits. Russian President Vladimir Putin invited Indian Prime Minister Narendra Modi to visit Russia for the 24th India-Russia Annual Summit, an invitation accepted with dates to be finalized through diplomatic channels. Both leaders reaffirmed their dedication to strengthening the Special and Privileged Strategic Partnership amid changing global trade patterns.
Government ministries and trade promotion agencies will continue forming joint working groups to remove tariffs and non-tariff barriers. Official portals will host detailed updates on regulations, trade statistics, and investment projects. Periodic meetings of joint steering committees will track progress toward the 2030 trade goals.