NEW DELHI / RankWire.AI / – During the INNOPROM India 2026 industrial exhibition in New Delhi, India and Russia committed to strengthening their economic partnership by aiming for a two-way trade volume of $100 billion by 2030. This initiative focuses on rebalancing their economic relations by expanding cooperation into sectors beyond energy. Indian Commerce and Industry Minister Piyush Goyal and Russian Minister of Industry and Trade Anton Alikhanov outlined a joint plan to increase annual trade from its current approximate level of $60 billion. Goyal emphasized that reaching the $40 billion growth target over four years will depend on consistent double-digit yearly growth, complemented by 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 Anton Alikhanov, Indian Minister Piyush Goyal highlighted strategic priorities aimed at doubling non-energy trade. Official data released by the Press Information Bureau shows significant increases in Indian exports of agricultural and processed foods to Russia. Indian meat exports grew 170 percent from $36 million to $97 million, while shipments of marine products reached $159 million, reflecting rising demand within 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 key sectors for expanding volume. To facilitate cross-border investments, governments are expediting negotiations for a new Bilateral Investment Treaty and advancing discussions on a free trade agreement between India and the Eurasian Economic Union.
Significant Growth in Agricultural and Marine Exports to Russia
Efforts to improve financial and logistical systems focus on removing barriers that hinder cross-border trade. Officials confirmed ongoing initiatives to enhance local and national currency settlement mechanisms, reducing dependence on third-party banking networks. Improving infrastructure along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok is crucial to strengthening supply chain efficiency between South Asian and Russian industrial centers.
India and Russia have set a bilateral trade goal of $100 billion by 2030, with both governments also aiming for $50 billion in mutual investments across sectors such as manufacturing, energy, mining, and technology. Currently, 40 joint projects are being monitored through an active investment mechanism. Russian companies are encouraged to establish manufacturing facilities within India’s industrial corridors, while Indian firms are invited to expand their investments across Russian regional economies.
Indian Agricultural Exporters Secure Market Access in Russian Regions
High-level diplomatic talks, held on the sidelines of global multilateral summits, have broadened 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 commitment to deepen the Special and Privileged Strategic Partnership amid changing global trade conditions.
Official government agencies and trade promotion organizations will continue to form joint working groups dedicated to removing tariff and non-tariff obstacles. Updates on regulatory changes, bilateral trade statistics, and investment project progress will be regularly accessible through official portals. Periodic meetings of joint steering committees will evaluate progress toward the trade and investment targets for 2030.