New Delhi, Nov 14 (NationPress) India has reaffirmed its commitment to enhancing and expanding trade with Russia, while proposing measures to build confidence and further unlock market access.

In pursuit of this shared objective, Commerce Secretary Rajesh Agrawal engaged with Vladimir Ilyichev, Deputy Minister of Economic Development of the Russian Federation, during the 26th session of the India-Russia Working Group on Trade and Economic Cooperation, which operates under the Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC) in Moscow.

According to a statement from the Commerce Ministry, both parties assessed bilateral trade, which has surged to more than double the leaders’ 2014 target of $25 billion, with an aim to reach $100 billion by 2030.

A forward-looking protocol for trade and economic collaboration across various sectors was finalized and signed during this meeting, as per ministry reports.

Topics addressed included the expedited listing of Indian firms and a systematic approach with the Federal Service for Veterinary and Phytosanitary Supervision of Russia (FSVPS) in agriculture, particularly in marine products, alongside a structured timeline in pharmaceuticals relating to registration, regulatory reliance, and predictable timelines.

Additionally, the Working Group identified potential areas for cooperation to expand trade in engineering goods, chemicals and plastics, electronics, pharmaceuticals, agriculture, leather, and textiles. They also highlighted Indian strengths in engineering goods, smartphones, motor vehicles, gems and jewellery, organic chemicals, textiles, and leather that can assist in Russia’s trade diversification and risk mitigation.

In the services domain, the Indian delegation encouraged increased procurement of Indian IT-BPM, healthcare, education, and creative services by Russian firms, while advocating for predictable mobility for Indian professionals to address labour shortages in the Russian market.

India’s Global Capability Centre (GCC) ecosystem, comprising around 45% of global GCCs with over 1,700 centers employing nearly 1.9 million professionals, was showcased as a viable platform for Russian businesses to enhance operational continuity, cybersecurity, design and analytics, and shared services, thus bolstering resilience in both goods and services supply chains.

Both parties also agreed to explore payment solutions tailored to meet the requirements of businesses, particularly those in the medium, small, and micro enterprises sector.