Commerce Secy Rajesh Agrawal
Visits Moscow for the 26th Meeting of the India-Russia Working Group on Trade &
Economic Cooperation
India–Russia Working Group on Trade & Economic
Cooperation
Highlights & Achievements
·
Commerce
Secretary Rajesh Agrawal (India) and Deputy Minister Vladimir Ilyichev (Russia) led the 26th
meeting under the Inter-Governmental Commission (IRIGC).
·
Bilateral
trade has more than doubled the 2014 benchmark of US$25 billion, with
both nations pursuing a shared trade objective of US$100 billion by 2030.
·
A forward-looking
protocol for future trade and economic cooperation across multiple sectors
was finalised and signed.
Key Areas of Cooperation
·
Market
Access & Confidence-Building: Topics discussed included faster listing of Indian establishments for
exports, especially agriculture and marine products, and streamlined
pharmaceutical registration based on regulatory reliance and predictable
timelines.
·
Product
Strengths: Indian
strengths outlined in engineering goods, chemicals & plastics, electronics,
pharmaceuticals, agriculture, leather, and textiles. Noted specific
opportunities in engineering goods, smartphones, motor vehicles, gems &
jewellery, organic chemicals, textiles, and leather, which can help Russia
diversify and de-risk its trade.
·
Services
Sector: India
encouraged Russian companies to increase procurement in IT-BPM, healthcare,
education, and creative services. India’s GCC ecosystem (with 1,700+ centres
and 1.9 million professionals, making up 45% of global GCCs) was highlighted as
a platform for Russian firms to improve continuity, cybersecurity, analytics,
and shared services.
·
Mobility
& Labour Cooperation: Called
for predictable mobility arrangements for Indian professionals to address
Russia’s labour market needs.
·
Investments
& Payment Solutions: Interest
expressed by Russia for a bilateral investment treaty. Both sides agreed to
explore payment solutions for businesses, focusing on medium, small, and micro
enterprises.
Strategic Partnership
·
The two
countries reaffirmed their special and privileged strategic partnership,
emphasizing resilience, trade diversification, and de-risking supply chains.
·
Discussions
set a forward agenda to meet the 2030 trade objective, aiming for
deeper, more balanced, and diversified economic engagement.
Conclusion
·
The
meeting marks a significant step forward in India–Russia economic ties, laying
the groundwork for expanded cooperation in goods and services, as well as
supply chain resilience and investment facilitation. If you want sector-wise
details, protocol specifics, or analysis of bilateral agreements, let me know!
Commerce
Secretary Rajesh Agrawal met Mr. Vladimir Ilyichev, Deputy Minister of Economic
Development of the Russian Federation, for the 26th Meeting of the India-Russia
Working Group on Trade & Economic Cooperation under the aegis of the Inter-Governmental
Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation
(IRIGC). The two sides reviewed bilateral trade, which has risen to well over twice
the leaders’ 2014 benchmark of US$25 billion, and took note of the shared objective
of US$100 billion by 2030. A forward looking protocol for
trade and economic cooperation across multiple sectors was finalised and signed
during the meeting.
The
Commerce Secretary highlighted the potential for expanding and deepening trade and
proposed confidence-building measures to unlock market access. The issues included
expedited listing of Indian establishments and a systems-based approach with FSVPS
in agriculture, especially marine products and a time-bound pathway in pharmaceuticals
covering registration, regulatory reliance, and predictable timelines. The Working
Group noted the potential cooperation for expansion of trade across engineering
goods, chemicals & plastics, electronics, pharmaceuticals, agriculture, leather,
and textiles, and mapped Indian product strengths in engineering goods, smartphones,
motor vehicles, gems & jewellery, organic chemicals, textiles, and leather sector
that can support Russia’s trade de-risking and diversification.
In
the services sector, the Indian side encouraged greater procurement of Indian IT-BPM,
healthcare, education, and creative services by Russian entities, alongside predictable
mobility for Indian professionals to meet the labour shortages in the Russian market.
India’s Global Capability Centre (GCC) ecosystem, around 45% of global GCCs, with
over 1,700 centres employing nearly 1.9 million professionals, was presented as
a ready platform for Russian companies to strengthen business continuity, cybersecurity,
design and analytics, and shared services, enhancing resilience in both goods and
services supply chains. The Indian side took note of the Russian interest in concluding
a bilateral investment treaty. Both sides agreed to explore payments solutions to
meet the needs for businesses, especially medium, small and micro enterprises.
India
and Russia reaffirmed their special and privileged strategic partnership, a relationship
that has stood the test of time. The discussions set a forward agenda centred on
trade diversification, de-risking and resilient supply chains in goods and services
trade, and diversification of production and supply, aligned to the 2030 trade objective
and a stronger, more balanced economic engagement.