India and Russia are working to achieve $100 billion in bilateral trade and $50 billion in two-way investments by 2030, commerce and industry minister Piyush Goyal said on Thursday, as the two partners fast-track negotiations for a new bilateral investment treaty (BIT).Union Commerce and Industry Minister Piyush Goyal shakes hands with Russian Minister of Industry and Trade Anton Alikhanov during the India-Russia Business Dialogue 2026 at Bharat Mandapam, in New Delhi on Thursday. (@PiyushGoyal X)Quoting Prime Minister Narendra Modi, he said, “The greatest strength of India-Russia relation lies in trust” and reiterated the goal the Leaders of the two-country set to achieve by 2030. He was speaking at the India-Russia Business Dialogue 2026 in New Delhi where his Russian counterpart Anton Alikhanov was also present.“Let me be candid, what it means arithmetically. A $100 billion target from a $60 billion base means adding about $40 billion in the next four years. That is not a modest task,” Goyal said. It would require sustained double-digit growth year-on-year and significant efforts from both governments and businesses, he added.Goyal said a new BIT would provide investors from both countries with greater legal certainty for their investments. On trade, both sides are committed to an early conclusion of negotiations for an India-Eurasian Economic Union (EAEU) free trade agreement. The Russia-led EAEU also includes Armenia, Belarus, Kazakhstan and Kyrgyzstan.Also Read: BRICS Summit 2026: Full list of leaders attending PM Modi’s mega meet in New DelhiThe two ministers were addressing the valedictory session of the India-Russia Business Dialogue after a bilateral meeting. India raised the issue of huge trade deficit with Russia and ways to bridge the gap by increasing Indian exports of goods such as agricultural products, pharmaceuticals and textiles, a government official said, requesting anonymity.Bilateral trade reached a record $68.7 billion in 2024-25, before falling to around $60 billion in 2025-26, according to government data. Indian exports to Russia were less than $5 billion, while Russian exports to India exceeded $55 billion. Energy is India’s key import from Russia.Goyal said India had recently seen a surge in exports of some products to Russia. Meat and meat products more than doubled from $36 million to $97 million, while fish and aquatic products rose from $123 million to $159 million. Exports of edible vegetables increased from $38 million to $54 million, while coffee, tea and spices rose 13% to $116 million. Exports of products of the milling industry also nearly doubled, he said.Alikhanov said Prime Minister Narendra Modi is expected to visit Moscow by the end of this year. He said the two countries could collaborate in rare earths and microelectronics, and invited Indian pharmaceutical companies to invest in manufacturing active pharmaceutical ingredients (APIs) in Russia.Industry leaders said the two countries could achieve the ambitious targets as financial infrastructure for trade in national currencies is already in place.Also Read: India-Russia ties poised for new phase of trade, technology and industrial cooperation: Piyush GoyalAlexander Vedyakhin, first deputy chairman of the executive board of Sberbank, said the bank had been present in India for more than 14 years and was able to process bilateral payments quickly. “Now, I can say that there are almost no barriers for bilateral trade between Russia and India,” he said, adding that the system facilitates payments in the respective national currencies. Sberbank is Russia’s largest bank, with more than 110 million retail clients and 3.5 million corporate customers.CII president R Mukundan said India, as one of the world’s fastest-growing major economies with strong macroeconomic fundamentals, could become a major investment destination for Russian manufacturing. Vikramjit Singh Sahney, chairman of Sun International, said Russia had been India’s “most dependable” defence partner for decades.