India–Russia Trade Expansion: New Protocol to Boost Market Access and Achieve $100 Billion Target by 2030

India and Russia are working to expand bilateral trade by improving market access for marine, pharmaceutical, and high-value industrial products. Senior officials met in Moscow to streamline regulations, speed up approvals, and identify new business opportunities that can support long-term commercial growth.

India–Russia Trade Expansion: New Protocol to Boost Market Access and Achieve $100 Billion Target by 2030

Market Access for Key Export Sectors

India requested Russia to provide faster certification clearances for Indian companies, particularly in marine exports.
It also asked for a more predictable regulatory system for pharmaceutical products, including:

• Time-bound registration
• Reliance mechanisms to speed up approvals

These improvements are important because both sectors have strong export potential but face procedural delays that slow trade.

New Trade & Economic Cooperation Protocol

A comprehensive protocol on trade and economic cooperation was signed between both sides to coordinate efforts across ministries and agencies.
This new framework supports:

• Smoother trade flows
• Diversified market engagement
• Progress toward the $100 billion trade target by 2030

Currently, India–Russia bilateral trade is around $25 billion.

Diversifying Trade Across Multiple Sectors

• India highlighted sectors that can drive future growth:
  • Engineering goods
  • Electronics & smartphones
  • Chemicals & organic chemicals
  • Textiles, agriculture and leather
  • Gems & jewellery

For services, India encouraged Russia to explore opportunities in:

• IT-BPM
• Education & healthcare
• Creative industries
• Easier mobility for skilled professionals

Payments, Investment and Technology Collaboration

Both nations discussed a bilateral investment treaty to ensure safer and more stable investment conditions.
They also agreed to explore payment solutions for SMEs to reduce transaction challenges.

India showcased opportunities for Russian firms in Global Capability Centres (GCCs), especially in:

• Analytics
• Cybersecurity
• Product design
• Shared services

Exam-Oriented Notes

• India–Russia bilateral trade currently: ~$25 billion
• Trade target for 2030: $100 billion
• Key export focus: Marine & pharmaceutical products
• Meeting location: Moscow
• Discussed at: 26th Working Group meeting
• Both sides exploring: Bilateral Investment Treaty & SME payment solutions

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Question & Answer

Q1. Current India–Russia bilateral trade is approximately:
(a) $10 billion
(b) $15 billion
(c) $25 billion
(d) $40 billion
Answer: $25 billion

Q2. What is the bilateral trade target set by India and Russia for 2030?
(a) $50 billion
(b) $75 billion
(c) $90 billion
(d) $100 billion
Answer: $100 billion

Q3. Which two sectors are the main focus for improved market access in Russia?
(a) Textiles and leather
(b) Marine and pharmaceutical products
(c) Electronics and agriculture
(d) Vehicles and IT services
Answer: Marine and pharmaceutical products

Q4. Where was the latest India–Russia trade meeting held?
(a) New Delhi
(b) Moscow
(c) St. Petersburg
(d) Vladivostok
Answer: Moscow

Q5. India showcased which ecosystem to attract Russian firms?
(a) Startup India Hub
(b) National Logistics Portal
(c) Global Capability Centre ecosystem
(d) Digital Public Infrastructure
Answer: Global Capability Centre ecosystem

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