NEW DELHI / RankWire.AI / – India and Russia committed to enhancing their economic partnership with a goal of reaching $100 billion in two-way trade by 2030. Their strategy involves shifting toward a more balanced trade relationship by expanding into non-energy sectors. During the plenary session of 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 established a joint framework. This aims to grow annual trade from its current level of approximately $60 billion. Goyal emphasized that reaching the $40 billion increase over four years will require consistent double-digit growth each year. Additionally, negotiations for a new bilateral investment treaty and an India-Eurasian Economic Union free trade agreement are to be expedited.
In the co-chair session with Russian Minister Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal outlined key strategic goals to double non-energy trade. Official data from the Press Information Bureau highlights significant growth in Indian exports of agricultural products and processed foods to Russia. Indian meat exports increased by 170 percent, rising from $36 million to $97 million. Marine products shipments also grew, reaching $159 million, driven by rising demand across Russian consumer markets.
The broader commercial push aims to diversify product categories beyond traditional energy commodities. Both countries have identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as sectors with strong potential for increased volume. Governments are actively negotiating a new Bilateral Investment Treaty to facilitate capital flows and progressing discussions on a free trade agreement between India and the Eurasian Economic Union.
Exports of Agriculture and Marine Products to Russia Show Strong Growth Trends
Discussions centered on overcoming financial and logistical challenges that hinder cross-border trade. Officials confirmed ongoing efforts to strengthen settlement systems in both national and local currencies, reducing dependence on third-party banking networks. Improving infrastructure along the International North-South Transport Corridor and the maritime route connecting Chennai and Vladivostok remains key for enhancing supply chain reliability between South Asian and Russian industrial centers.
India Russia bilateral trade target set at $100 billion by 2030 as both governments aim for $50 billion in mutual investments across advanced manufacturing, energy, mining, and technology sectors. The current priority investment mechanism oversees 40 active joint projects. Russian industrial companies are invited to establish manufacturing facilities within India’s plug-and-play industrial corridors, while Indian firms are encouraged to expand their investments across Russian regional economies.
Indian Agricultural Exporters Secure Market Access in Various Russian Regions
Bilateral cooperation increased during high-level diplomatic discussions held alongside international multilateral summits. Russian President Vladimir Putin extended an invitation to Indian Prime Minister Narendra Modi to visit Russia for the 24th India-Russia Annual Summit. The dates are to be finalized through diplomatic channels. The leaders reaffirmed their commitment to strengthening the Special and Privileged Strategic Partnership amid evolving global trade dynamics.
Government ministries and trade promotion agencies will continue to form joint working groups focused on removing tariff and non-tariff barriers. Regular updates on regulatory changes, bilateral trade figures, and investment project status will be accessible through official government portals. Joint steering committees will meet periodically to evaluate progress toward the 2030 trade and investment goals.