India and Russia Seek to Supercharge Bilateral Trade

India is urging Russia to speed up the listing of domestic establishments and the registration of marine and pharmaceutical products to enhance trade. The 26th Meeting of the India-Russia Working Group on Trade and Economic Cooperation aims to increase bilateral trade from USD 25 billion to USD 100 billion by 2030.

India has called on Russia to expedite the listing and registration of its domestic establishments, marine, and pharmaceutical products, aiming to boost bilateral trade. Commerce Secretary Rajesh Agrawal, currently in Moscow, underscored the potential for expanding trade and suggested confidence-building measures to enhance market access, according to an official statement released on Thursday.

The discussions addressed key issues like the speedy listing of Indian establishments and adopting a system-based method with Russia's FSVPS in agriculture, particularly for marine products. A time-specific plan for pharmaceuticals, focusing on registration and regulatory reliance, was also emphasized.

A significant outcome was the signing of a progressive protocol for trade and economic cooperation across multiple sectors, finalized during Agrawal's meeting with Russian Deputy Minister Vladimir Ilyichev. The dialogue is part of the 26th meeting of the India-Russia Working Group, with a goal to raise bilateral trade to USD 100 billion by 2030, from the current USD 25 billion.

(With inputs from agencies.)