India is intensifying efforts to enhance bilateral trade with Russia, currently valued at USD 11 billion. The Federation of Indian Export Organisations (FIEO), based in New Delhi, is spearheading these initiatives to boost exports and balance trade. A mutual agreement signed with Russia in 2024 is set to ease customs procedures by recognizing secure and compliant businesses, strengthening trade facilitation.
The Federation of Indian Export Organisations (FIEO), a premier trade promotion body under the Ministry of Commerce and Industry, Government of India, has announced renewed efforts to expand and balance trade with Russia. Headquartered in New Delhi, FIEO represents Indian entrepreneurs and exporters, facilitating global market access.
FIEO President SC Ralhan confirmed on May 14 that the current bilateral trade between India and Russia stands at approximately USD 11 billion. However, a significant trade imbalance persists, prompting India to focus on increasing exports to bridge the gap.
To support this, a key agreement signed in 2024 between Indian and Russian customs authorities has begun to play a pivotal role. This arrangement enables the mutual recognition of secure and compliant businesses, offering them smoother customs clearance and enhanced trade facilitation benefits.
“The agreement is crucial to ensuring predictable and efficient customs processes, particularly for Indian exporters targeting the Russian market,” Ralhan said. He further emphasized that boosting exports to Russia is vital to maintaining a healthy and sustainable trade relationship.
With ongoing global shifts in trade alliances, India is strategically focusing on strengthening economic ties with non-traditional partners. The FIEO-led initiatives signal a firm commitment toward leveraging existing trade frameworks and creating new opportunities for Indian businesses in the Russian market.
