India and Russia Aim to Achieve US$ 100 Billion Bilateral Trade Target by 2030, Says Indian Ambassador to Russia, Mr. Vinay Kumar
- IBEF
- October 19, 2026
India and Russia are confident of achieving their bilateral trade target of Rs. 9.51 lakh crore (US$ 100 billion) by 2030, according to Indian Ambassador to Russia, Mr. Vinay Kumar. Bilateral trade between the two countries stood at Rs. 3.61 lakh crore (US$ 38 billion) during the first six months of the year. India is negotiating a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU) to boost exports to Russia and other member countries. The proposed agreement is expected to strengthen trade ties, improve market access and create opportunities for Indian exporters across key sectors.
India is working with Russian authorities to address standards-related issues and non-tariff barriers, particularly in the agricultural and marine products sectors. These efforts aim to facilitate exports and enable more Indian companies to access the Russian market. Improved trade facilitation and cooperation are expected to support the expansion of bilateral commerce and help businesses explore new opportunities across the region. These developments were highlighted during the second edition of the India-Russia Business Forum, titled ‘Tatarstan Initiative: Mutual Efficiency’, held in Kazan. The forum provided a platform to discuss ways to strengthen economic engagement between the two countries. Alongside bilateral initiatives, negotiations with the EAEU could help Indian businesses expand their presence in a wider regional market. With a focus on resolving trade barriers and facilitating market access, India and Russia are working towards achieving their long-term trade target and deepening economic cooperation.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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