India has urged Russia to expedite the approval of domestic establishments and registration of marine and pharmaceutical products to further strengthen bilateral trade ties.During his visit to Moscow, Commerce Secretary Rajesh Agrawal highlighted opportunities for expanding trade and proposed measures to improve market access, the commerce ministry said in an official statement on Thursday.“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,” it said, as quoted by news agency PTI.FSVPS refers to the Federal Service for Veterinary and Phytosanitary Supervision of Russia.According to the ministry, a comprehensive protocol for trade and economic collaboration across various sectors was finalised and signed during Agrawal’s meeting with Vladimir Ilyichev, Deputy Minister of Economic Development of Russia.Agrawal was in Moscow to attend the 26th Meeting of the India-Russia Working Group on Trade and Economic Cooperation.Currently, bilateral trade stands at $25 billion, with both nations aiming to raise it to $100 billion by 2030.The working group identified several potential areas for trade expansion, including engineering goods, chemicals and plastics, electronics, pharmaceuticals, agriculture, leather, and textiles. It also underscored India’s strengths in smartphones, motor vehicles, gems and jewellery, organic chemicals, textiles, and leather, which could complement Russia’s trade diversification strategy.In the services sector, India encouraged greater participation of Russian entities in IT-BPM, healthcare, education, and creative industries, while seeking smoother mobility for Indian professionals to meet Russia’s labour market needs.India also showcased its Global Capability Centre (GCC) ecosystem, comprising over 1,700 centres employing around 1.9 million professionals, as a platform for Russian firms to enhance business continuity, cybersecurity, design and analytics, and shared services.The ministry added that India acknowledged Russia’s interest in a bilateral investment treaty. “Both sides agreed to explore payments solutions to meet the needs for businesses, especially medium, small and micro enterprises,” it said.
