ENA Global 2025-11-14 17:31:35 <p><span style="font-size:14px"><strong>New Delhi, Nov 14 (KNN)</strong> Commerce Secretary Rajesh Agrawal met Vladimir Ilyichev, Russias Deputy Economic Development Minister for the 26th Meeting of the India Russia Working Group on Trade &amp; Economic Cooperation. </span></p> <p><span style="font-size:14px">Both sides reviewed the steady rise in bilateral trade and outlined priorities for deeper economic engagement.</span></p> <p><span style="font-size:14px">Bilateral trade has now grown to well over twice the 2014 benchmark of USD 25 billion, with both countries reaffirming their shared target of USD 100 billion by 2030. </span></p> <p><span style="font-size:14px">A protocol on trade and economic cooperation, covering multiple sectors, was finalised and signed during the meeting.</span></p> <p><span style="font-size:14px">India took note of Russias interest in concluding a bilateral investment treaty, and both sides agreed to explore payment solutions to facilitate smoother transactions, particularly for MSMEs.</span></p> <p><span style="font-size:14px">Agrawal emphasised the need to expand market access and proposed confidence-building measures aimed at removing barriers in key sectors. </span></p> <p><span style="font-size:14px">India sought expedited listing of Indian establishments and a systems-based approach with FSVPS in agriculture especially for marine products as well as a time-bound, predictable regulatory pathway for pharmaceuticals, including registration and regulatory reliance.</span></p> <p><span style="font-size:14px">The Working Group identified opportunities for cooperation across engineering goods, chemicals, plastics, electronics, pharmaceuticals, agriculture, leather, and textiles. </span></p> <p><span style="font-size:14px">India highlighted sectoral strengths in smartphones, motor vehicles, gems and jewellery, organic chemicals, textiles, and leather, areas that could support Russias efforts toward trade diversification and de-risking.</span></p> <p><span style="font-size:14px">In the services sector, India encouraged Russian entities to increase procurement of IT-BPM, healthcare, education, and creative services, and sought predictable mobility for Indian professionals in response to Russias labour shortages. </span></p> <p><span style="font-size:14px">India presented its Global Capability Centre (GCC) ecosystem housing 1,700 centres and employing 1.9 million professionals as a robust platform for Russian companies seeking to enhance business continuity, cybersecurity, analytics, and design capabilities.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 44078 https://knnindia.co.in/news/newsdetails/global/india-russia-review-trade-relations-reaffirm-usd-100-bn-target-by-2030 2025-11-14 17:31:35 knnindia.co.in