India and Russia Forge Stronger Trade Bonds: A Vision for 2030

The Federation of Indian Export Organisations (FIEO) praises the Joint Statement from the 23rd India-Russia Annual Summit, which outlines ambitious plans to strengthen trade and technological partnerships. The agreement targets $100 billion in bilateral trade by 2030, emphasizing sustainable growth, industrial cooperation, and solving export barriers.

The Federation of Indian Export Organisations (FIEO) has expressed its approval of the Joint Statement from the 23rd India-Russia Annual Summit. The federation regards this as a significant leap towards enhancing trade, economic, and technological ties between the two countries. FIEO President S C Ralhan highlighted the ambitious plans outlined in the statement, which aim to deepen trade engagement and foster balanced sustainable growth.

Ralhan emphasized the target of reaching $100 billion in bilateral trade by 2030 as a key milestone. He praised the commitment to tackle tariff and non-tariff barriers, improve logistics, and ensure efficient payment systems. These measures are seen as crucial for boosting exports to Russia, addressing long-standing issues faced by Indian exporters.

The summit outcomes, which include boosting industrial cooperation and promoting e-commerce opportunities, open new avenues in several sectors including engineering goods, pharmaceuticals, and technology services. The focus on high-tech collaboration and diversified trade marks an era of resilient supply chains between India and Russia. Enhanced connectivity and energy cooperation further strengthen these ties.

(With inputs from agencies.)