Trade push: India seeks faster Russian clearances as both sides target 0 bn by 2030; pharma and marine approvals on priority
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Trade push: India seeks faster Russian clearances as both sides target $100 bn by 2030; pharma and marine approvals on priority

India has asked Russia to fast-track approvals for Indian exporters –including expedited listing of domestic establishments and quicker registration of marine and pharmaceutical products — as part of a broader push to expand two-way trade, the commerce ministry said on Thursday.Commerce secretary Rajesh Agrawal, currently in Moscow, stressed the need for โ€œconfidence-building measures to unlock market accessโ€ during discussions with Russian officials at the 26th Meeting of the India-Russia Working Group on Trade and Economic Cooperation, reported ET.โ€œThe 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,โ€ the official statement said, quoted ET. FSVPS is Russiaโ€™s Federal Service for Veterinary and Phytosanitary Supervision.Agrawal and Russian deputy minister of economic development Vladimir Ilyichev finalised and signed a forward-looking protocol covering multiple sectors aimed at strengthening economic ties. Bilateral trade currently stands at $25 billion, with both sides committed to raising it to $100 billion by 2030.The working group identified opportunities across engineering goods, chemicals and plastics, electronics, pharmaceuticals, agriculture, leather and textiles. It also mapped areas where Indian strengths –including smartphones, motor vehicles, gems and jewellery, organic chemicals, textiles and leather — can support Russiaโ€™s trade diversification and de-risking strategy.In services, India encouraged Russian entities to increase procurement of Indian IT-BPM, healthcare, education and creative services. It also pushed for predictable mobility for Indian professionals amid growing labour shortages in Russia.India highlighted its global capability centre (GCC) ecosystem — 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, bolstering supply-chain resilience.The Indian side acknowledged Russiaโ€™s interest in concluding a bilateral investment treaty. Both countries also agreed to โ€œexplore payments solutions to meet the needs for businesses, especially medium, small and micro enterprises,โ€ the ministry said.The engagement comes ahead of intensified bilateral activity, with Russian President Vladimir Putin scheduled to visit India on December 5 for the Russia-India Forum.



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