India Eyes $100 Billion Trade Goal with Russia Amid Sanctions Challenges

India aims to boost exports to Russia, focusing on electronics and addressing non-trade barriers to reach a $100 billion annual bilateral trade target. A delegation will visit Russia for follow-up discussions. Key export items include pharmaceuticals, machinery, and chemicals, while imports are led by crude oil.

India is intensifying efforts to enhance exports to Russia, targeting sectors such as electronics while addressing non-trade barriers to achieve a $100 billion annual bilateral trade objective, a senior government official announced on Monday.

Following a summit between Prime Minister Narendra Modi and Russian President Vladimir Putin, an Indian delegation is scheduled to visit Russia.

'We've asked Russia to review non-tariff barriers, and we'll be making another visit to discuss greater market access for Indian exports,' the official said. Currently, trade between the nations stands at approximately $67 billion.

India and Russia aim for $100 billion in annual trade by 2030, with a focus on developing a robust bilateral payment system using national currencies.

'We're targeting exports of electronics, engineering products, and more,' added Barthwal, noting that Indian marine and pharmaceutical exporters face certification issues in Russia. India also seeks to exploit opportunities in sectors where Russia is sanctioned by the West.

'We're working on rupee-rouble trade as part of a twin strategy,' the secretary noted.

Main Indian exports include electrical machinery, pharmaceuticals, and chemicals, while imports from Russia feature oil, fertilizer, and precious metals. In 2023-24, India's exports to Russia totaled $4.26 billion, with imports at $61.43 billion, primarily due to crude oil.