**Title: Indian Ambassador Highlights Key Steps to Enhance Trade with Russia**
**Ekaterinburg, Russia** – India’s ambassador to Russia, Vinay Kumar, announced significant advancements in trade discussions between New Delhi and Moscow during his address at the Innoprom 2026 investment and trade platform on Monday. The ambassador emphasized the ongoing negotiations aimed at strengthening bilateral economic ties and outlined specific initiatives designed to facilitate trade growth.
Kumar reported that India and Russia are currently negotiating a bilateral investment protection agreement, which is expected to provide a more secure environment for investors from both nations. Additionally, efforts are being made to eliminate non-tariff barriers, particularly in the agriculture and food sectors, which have been identified as critical areas for enhancing trade.
As of now, trade between India and Russia stands at approximately $58 to $60 billion. Both countries have set an ambitious target to reach $100 billion in trade by 2030, a goal established during Russian President Vladimir Putin’s visit to India in December 2022. The ambassador expressed optimism about achieving this target, noting the positive response from Indian businesses to the expanding diplomatic presence in Russia, including the recent establishment of the Consulate General in Ekaterinburg in November.
At the Innoprom 2026 event, over 30 Indian companies are participating, showcasing the growing interest and investment from India in the Russian market. Kumar highlighted the importance of such platforms in fostering business relationships and facilitating trade discussions.
In addition to bilateral efforts, Kumar mentioned that India is also engaged in discussions with the Eurasian Economic Union (EAEU) regarding a free trade agreement. The second round of talks for this agreement took place in Moscow just ten days prior to the ambassador's remarks, indicating a proactive approach to enhancing economic cooperation in the region.
The event also featured comments from Russian Prime Minister Mikhail Mishustin, who noted that despite facing sanctions, Russia’s manufacturing output has increased by nearly 23% over the past three years. Mishustin pointed out that industrial transformation is a key driver of growth in Russia, which has seen a notable rise in non-energy trade with important partners, including India.
Mishustin stated, “Russia is steadily strengthening its status as a reliable supplier of high-tech products,” and highlighted that, in the past year, non-resource, non-energy exports had grown by more than 11%. He acknowledged the strongest growth in trade with countries such as China, India, Belarus, and Kazakhstan.
Looking ahead, Russia plans to continue building international infrastructure and fostering stable cooperative ties with friendly nations through frameworks such as the EAEU, the Commonwealth of Independent States, BRICS, and the Shanghai Cooperation Organization.
The next Innoprom event is scheduled to take place in India in September, coinciding with the upcoming BRICS summit in New Delhi, which is expected to further solidify the ties between India and Russia.
As both countries work towards achieving their trade goals, the commitment to enhancing economic collaboration reflects a broader strategy to strengthen bilateral relations in an increasingly complex global landscape.