FIEO hails India-Russia summit outcomes, says joint statement boosts trade and industrial cooperation

New Delhi [India], December 5 : The Federation of Indian Export Organisations (FIEO) has welcomed the Joint Statement issued following the 23rd India-Russia Annual Summit, describing it as a major step forward in strengthening trade, economic, technological, and connectivity partnerships between the two nations.

Reacting to the developments, FIEO President, S C Ralhan, said, "The Joint Statement reflects a clear and ambitious roadmap to deepen India-Russia trade and economic engagement. The strong emphasis on balanced and sustainable trade growth, enhanced industrial cooperation, logistics connectivity, and new technology-driven partnerships sends a powerful signal of long-term commitment. Exporters are encouraged by India's renewed focus on unlocking the full potential of this Special and Privileged Strategic Partnership."

Ralhan noted that Programme 2030 and the reaffirmed intent to work towards USD 100 billion in bilateral trade by 2030 mark a significant milestone.
He added, "The commitment to address tariff and non-tariff barriers, improve logistics links, ensure smooth payment mechanisms, and strengthen insurance and reinsurance frameworks will be crucial for boosting India's exports to Russia. These are exactly the issues our exporters have been facing, and it is reassuring to see them being prioritised at the highest level. As trade volumes rise, it is vital that the trade basket becomes more diversified and balanced, ensuring long-term sustainability for both economies."

FIEO highlighted the Leaders' push for deeper cooperation in advanced high-technology sectors, industrial clusters, investment promotion, and joint ventures, with Ralhan stating, "The Summit outcomes open new avenues for Indian exporters in sectors such as engineering goods, pharmaceuticals, agro-products, textiles, gems & jewellery, and technology services. A strengthened industrial partnership will not only diversify trade but also foster long-term supply-chain resilience between the two countries. Additionally, the growing demand for online consumer goods in the Russian market presents significant opportunities for Indian exporters in e-commerce-led retail exports, especially in categories like lifestyle products, health and wellness, home decor, and value-added food items."

The Federation also welcomed the agreement to enhance bilateral settlements in national currencies, interoperability of payment and financial messaging systems, and consultations on digital currency platforms.
"The move toward robust and predictable payment systems will substantially ease trade transactions and reduce uncertainties for exporters. This is a transformative step toward stabilising India-Russia trade flows," Ralhan observed.
FIEO appreciated the reaffirmed collaboration in energy, including oil & gas, petrochemicals, LNG/LPG infrastructure, and nuclear projects, as well as the commitment to resolving investor issues swiftly. "Stable energy cooperation is fundamental to India's industrial competitiveness, and this will indirectly benefit a wide range of export-oriented sectors," Ralhan added.

The Federation lauded the Leaders' focus on strengthening transport corridors such as the INSTC, the Chennai-Vladivostok Maritime Corridor, and cooperation on the Northern Sea Route. "Enhanced connectivity will reduce logistics costs, improve transit predictability, and open new gateways for Indian goods into Russia and the broader Eurasian region," Ralhan said.

FIEO further welcomed the enhanced cooperation in the Russian Far East and Arctic, including opportunities in agriculture, minerals, manpower mobility, pharmaceuticals, maritime transport, and diamonds.
"This region holds major untapped potential for Indian exporters and investors. Regular institutional cooperation will help in expanding India's economic footprint in these future-oriented geographies," he noted.

Ralhan said he exuded confidence that the Joint Statement clearly outlines a forward-looking and comprehensive cooperation agenda.
"It is a timely boost for the entire export community. FIEO stands ready to work closely with the Government and industry to translate these commitments into concrete trade outcomes, promote a more diversified and balanced trade structure, and enhance India's export performance--including emerging e-commerce retail export opportunities--in the Russian market," he stated.