- Russia identifies new opportunities; PM Modi visit anticipated.
BRICS Summit 2026: Union Commerce and Industry Minister Piyush Goyal added a light-hearted moment to India-Russia trade discussions in New Delhi on Thursday, joking about the appearance of Russian Industry and Trade Minister Anton Alikhanov and suggesting he could have a future in Bollywood. Speaking at the India-Russia Business Dialogue at Bharat Mandapam, held on the sidelines of the 18th BRICS Summit, Goyal described his Russian counterpart as “dashing” before joking that Alikhanov was “probably in the wrong profession.”
Goyal then suggested that stronger cooperation between the two countries in the audiovisual sector could eventually see Alikhanov “starring in a movie in Bollywood very soon.”
The exchange came as the two sides held detailed discussions on trade, investment and new areas of economic cooperation.
India-Russia Investment Pact
Away from the lighter exchange, Goyal highlighted efforts by India and Russia to advance negotiations on a new bilateral investment treaty. The proposed agreement is aimed at providing greater certainty and protection to investors from both countries as they pursue major business projects.
Goyal also pointed to movement on a proposed free trade agreement between India and the Eurasian Economic Union (EAEU), which comprises Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. According to Goyal, such an agreement could create additional opportunities for Indian businesses, particularly micro, small and medium enterprises.
The two countries are also exploring ways to increase the use of national currencies for settling trade transactions. Goyal said payment-related difficulties can become a bigger obstacle to commerce than tariffs.
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$100 Billion Trade Goal
Goyal called on businesses in India and Russia to work towards an ambitious bilateral trade target of $100 billion by 2030, along with $50 billion in two-way investments.
He reiterated the target later at the India-Russia Business Dialogue 2026, where Alikhanov was also present. Goyal referred to Prime Minister Narendra Modi’s description of trust as the foundation of the India-Russia partnership while acknowledging that substantial work would be required to achieve the proposed targets, as per reports.
India Seeks More Exports
The imbalance in bilateral trade was among the issues discussed by Goyal and Alikhanov, with both sides examining ways to increase India’s shipments to the Russian market.
A government official said agriculture, pharmaceuticals and textiles were among the sectors identified as having potential to expand Indian exports.
Bilateral trade reached a record $68.7 billion in 2024-25 before declining to around $60 billion in 2025-26. Indian exports remained below $5 billion, while Russian exports exceeded $55 billion, with energy accounting for a significant share.
There have nevertheless been gains in several Indian export categories. Meat and meat product shipments increased from $36 million to $97 million, while fish and aquatic product exports rose from $123 million to $159 million.
Exports of edible vegetables climbed from $38 million to $54 million. Coffee, tea and spices registered a 13% increase to $116 million, while exports linked to the milling industry also recorded nearly a twofold rise.
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Moscow Flags New Opportunities
Alikhanov identified rare earths and microelectronics as potential areas for deeper India-Russia cooperation.
He also encouraged Indian pharmaceutical companies to explore investment in active pharmaceutical ingredient manufacturing facilities in Russia.
Alikhanov further said Prime Minister Narendra Modi is expected to visit Moscow before the end of the year, adding another potential opportunity for the two countries to advance their economic and strategic engagement.
Industry representatives attending the discussions expressed confidence that the $100 billion trade objective could be achieved. They pointed to financial mechanisms already established to facilitate transactions in national currencies as one factor supporting the expansion of bilateral commerce.
