India has formally requested Russia to accelerate approval processes for Indian exporters across multiple sectors as part of a strategic push to expand bilateral economic cooperation. The commerce ministry confirmed on Thursday that New Delhi is seeking faster registration of marine and pharmaceutical products alongside expedited establishment listings for Indian businesses.
Key Discussions in Moscow
Commerce Secretary Rajesh Agrawal, currently leading an Indian delegation in Moscow, emphasized the urgent need for confidence-building measures to unlock market access during the 26th Meeting of the India-Russia Working Group on Trade and Economic Cooperation. The high-level talks focused on removing regulatory bottlenecks that have hindered Indian exports to the Russian market.
The official statement highlighted several critical areas where India seeks immediate improvements. These include expedited listing of Indian establishments and implementing a systems-based approach with Russia's Federal Service for Veterinary and Phytosanitary Supervision (FSVPS) for agricultural products, particularly marine items. For pharmaceuticals, India proposed a time-bound pathway covering registration, regulatory reliance, and predictable timelines.
Expanding Trade Horizons
Agrawal and Russian Deputy Minister of Economic Development Vladimir Ilyichev finalized and signed a forward-looking protocol covering multiple sectors aimed at strengthening economic ties between the two nations. This development comes at a crucial juncture as bilateral trade currently stands at $25 billion, with both countries committed to an ambitious target of $100 billion by 2030.
The working group identified substantial opportunities across various sectors including:
- Engineering goods
- Chemicals and plastics
- Electronics
- Pharmaceuticals
- Agriculture
- Leather and textiles
India specifically mapped areas where its strengths—including smartphones, motor vehicles, gems and jewellery, organic chemicals, textiles, and leather—can effectively support Russia's trade diversification and de-risking strategy.
Services and Investment Cooperation
In the services sector, India encouraged Russian entities to increase procurement of Indian IT-BPM, healthcare, education, and creative services. New Delhi also pushed for predictable mobility for Indian professionals amid growing labor shortages in Russia, creating potential win-win scenarios for both economies.
India showcased its robust Global Capability Centre (GCC) ecosystem—comprising over 1,700 centres employing nearly 1.9 million professionals—as a ready platform for Russian firms to enhance business continuity, cybersecurity, design, analytics, and shared-services support. This initiative aims to bolster supply-chain resilience for both nations.
The Indian side acknowledged Russia's interest in concluding a bilateral investment treaty, while both countries agreed to explore payment solutions tailored to meet business needs, especially for medium, small, and micro enterprises facing transaction challenges.
Strategic Timing and Future Prospects
This enhanced engagement comes ahead of intensified bilateral activity, with Russian President Vladimir Putin scheduled to visit India on December 5 for the Russia-India Forum. The timing underscores the strategic importance both nations place on strengthening economic partnerships amid global geopolitical shifts.
The successful implementation of these measures could significantly transform the trade landscape between India and Russia, creating new opportunities for businesses while achieving the shared vision of $100 billion in bilateral trade within the next six years.
