On July 6, 2026, in New Delhi, India and Russia made significant strides in enhancing their trade relations during the Innoprom 2026 event. India's ambassador to Russia, Vinay Kumar, highlighted the ongoing negotiations for a bilateral investment protection agreement aimed at fostering a more secure environment for investments between the two nations. Additionally, both countries are actively working to eliminate non-tariff barriers, particularly in the agriculture and food sectors, which have been identified as critical areas for growth. Currently, trade between India and Russia stands at approximately $58 to $60 billion, with a mutual goal of reaching $100 billion by 2030, a target set during Russian President Vladimir Putin's visit to India in December 2021. This ambitious goal reflects the increasing economic cooperation and the positive response from Indian businesses to the expanding diplomatic presence in Russia, including the recent opening of the Consulate General in Ekaterinburg. The event also showcased over 30 Indian companies participating in the investment fair at the Ekaterinburg-EXPO International Exhibition Center, indicating a strong interest in collaboration. Furthermore, discussions regarding a free trade agreement between India and the Eurasian Economic Union (EAEU) have progressed, with the second round of talks held in Moscow last month. The upcoming Innoprom conclave in India, scheduled for September, is expected to further solidify these trade relations ahead of the BRICS summit in New Delhi. Russian Prime Minister Mikhail Mishustin noted that despite sanctions, Russia's manufacturing output has grown significantly, with a nearly 23% increase over the past three years. This growth is attributed to industrial transformation and a focus on non-energy trade with key partners, including India. Mishustin emphasized Russia's commitment to strengthening its position as a reliable supplier of high-tech products and building international infrastructure through cooperation with friendly nations and organizations such as the EAEU, BRICS, and the Shanghai Cooperation Organization.
