India, Russia Unite to Reach $100 Billion Trade Milestone by 2030
Image Source: Internet
India and Russia have reaffirmed their commitment to achieving a $100 billion bilateral trade target by 2030. The two countries have made significant progress in advancing the India-Eurasian Economic Union (EAEU) free trade agreement, with a focus on diversifying markets, strengthening supply chains, and promoting balanced growth. In a series of meetings in Moscow, Commerce Secretary Rajesh Agrawal discussed the next steps for the India-EAEU FTA with Andrey Slepnev, the Eurasian Economic Commission's minister in-charge for trade, and Mikhail Yurin, Russia's deputy minister of industry and trade. The discussions centered on the terms of reference signed in August, which outline an 18-month work plan aimed at diversifying markets for Indian businesses and promoting trade in goods. The two sides also agreed to enhance trade diversification, supply-chain resilience, and cooperation in critical minerals. They discussed a time-bound pathway across key sectors such as pharmaceuticals, telecom equipment, machinery, leather, automobiles, and chemicals. Additionally, they agreed to engage in regulator-to-regulator discussions every quarter to address non-tariff issues and improve predictability and ease of doing business. Agrawal also addressed an industry plenary, encouraging companies to align their projects with the 2030 bilateral trade target and highlighting India's logistics upgrades, digital public infrastructure, and opportunities for co-investment and co-production. The discussions emphasized the need to broaden the export basket, de-risk supply chains, and convert planned projects into actionable contracts that enhance value and volume, generating more jobs and long-term prosperity for people in both countries. India aims to deepen its trade and economic engagement with Russia as it works toward becoming a developed nation by 2047. The partnership is expected to bring economic benefits to both countries and strengthen their ties in the region.
