NEW DELHI / RankWire.AI / – India and Russia have jointly agreed to enhance their economic partnership with a goal of reaching $100 billion in two-way trade by 2030, aiming to rebalance their commercial relations through growth in sectors outside energy. 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 collaborative framework to increase annual trade from its current level of approximately $60 billion. Goyal emphasized that realizing the ambitious $40 billion increase over the next four years will necessitate consistent double-digit growth each year, coupled with accelerated negotiations for a new bilateral investment treaty and a free trade agreement between India and the Eurasian Economic Union.
Speaking at the co-chair session with Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal outlined key strategic efforts to double trade in sectors outside energy. Data released by the Press Information Bureau highlights significant rises in Indian exports of agricultural and processed foods to Russia. Indian meat product exports increased by 170 percent from $36 million to $97 million, while marine product shipments reached $159 million, indicating growing consumer demand within Russia.
The expanded commercial initiative emphasizes diversification beyond traditional energy commodities. Both countries have identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as key sectors for expanding trade volumes. To facilitate bilateral investments, authorities are expediting negotiations on a new Bilateral Investment Treaty and progressing discussions on a free trade agreement between India and the Eurasian Economic Union.
Record Growth in Indian Agricultural and Marine Exports to Russia
Focus has been placed on addressing financial and logistical hurdles hampering cross-border trade. Officials are actively working to strengthen systems for settling transactions in national currencies, reducing dependence on third-party banking channels. Enhancing infrastructure along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remains a priority to improve supply chain efficiency between South Asian and Russian industrial centers.
India Russia bilateral trade target is set at $100 billion by 2030 as both nations aim for $50 billion in mutual investments across sectors such as advanced manufacturing, energy, mining, and technology. Currently, 40 joint projects are under active monitoring through the priority investment mechanism. Russian companies have been invited to establish manufacturing facilities within India’s industrial corridors, while Indian firms are encouraged to broaden their investment presence across various regions of Russia.
Indian Agricultural Exporters Access New Markets Across Russian Regions
High-level diplomatic talks, held alongside international multilateral summits, have expanded bilateral cooperation. Russian President Vladimir Putin extended an invitation to Indian Prime Minister Narendra Modi to visit Russia for the 24th India-Russia Annual Summit, 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 agencies will continue to establish joint working groups to remove tariff and non-tariff barriers. Up-to-date regulatory information, bilateral trade statistics, and investment project data will remain accessible through official government portals. Periodic meetings of joint steering committees will evaluate progress toward the 2030 trade objectives.