India and Russia Aim to Lift Bilateral Trade to $100 Billion by 2030, Says Piyush Goyal

Key facts

• Commerce and Industry Minister Piyush Goyal, at the India-Russia Business Dialogue, identified pharmaceuticals, textiles, engineering goods, food products, chemicals and auto products as key areas to expand non-energy trade and meet the $100 billion bilateral trade target by 2030.
• India and Russia have set two targets: $100 billion in bilateral trade and $50 billion in two-way investments by 2030, with the trade goal requiring a $40 billion addition from a $60 billion base.
• The India-Russia priority investment projects mechanism is tracking 40 live investment projects across advanced manufacturing, energy, mining, railways and emerging technologies.
• India is fast-tracking a new bilateral investment treaty (BIT) to provide legal certainty to investors, and both countries will strengthen local currency settlement mechanisms.
• India's exports of meat products to Russia more than doubled to $97 million from $36 million, while fish and aquatic products rose nearly 30%, edible vegetables rose 40%, and coffee, tea and spices went up 13%.