Mumbai, August 27: India-Russia relations are expected to further deepen and expand across areas of bilateral cooperation as the two countries work towards their target of USD 100 billion in bilateral trade by 2030, Russian Deputy Consul General Aleksandr Fursov said.

Speaking to the media ahead of the second edition of the Global Impact Forum, scheduled to be held in Mumbai in September, Fursov said the partnership between the two countries was likely to grow stronger across sectors.

"I think they will continue to get stronger and to expand and deepen in each and every sphere of our bilateral cooperation. We have this aim of reaching 100 billion dollars trade by the year of 2030, so let's look and see what we can do with that," Fursov said.

The USD 100 billion trade target was set by Prime Minister Narendra Modi and Russian President Vladimir Putin during the 22nd India-Russia Annual Summit in Moscow in July 2024, as the two countries sought to expand and make bilateral trade more balanced.

Fursov said the upcoming forum would focus more on building conversations and improving understanding between countries rather than primarily serving as a platform for signing agreements.

"It's more about conversation. It's more about talking to each other, get to know each other better and to avoid this lack of information we have right now," he said.

The Global Impact Forum Edition II, organised by AP Globale, will be held on September 5-6 at the Taj Mahal Palace in Mumbai under the theme "Civilisational Legacy". The forum brings together participants from business, government, policy and academia, with discussions around investment, entrepreneurship, diplomacy and international cooperation.

AP Globale Director Janhavi Pawar spoke to ANI and said the second edition has been designed keeping the BRICS theme in mind, with a focus on soft power and investment in India.

Highlighting the business relevance of cultural understanding, Pawar said, "When it comes to soft power it helps retain trade, investments and talent in a country even during geopolitical instability."

She said understanding local cultures and sentiments was particularly important for companies entering new markets, adding that the forum aims to build greater understanding and trust between participating countries and delegations.

India-Russia bilateral trade stood at about USD 59.86 billion in 2025-26, according to an official bilateral brief, against a record USD 68.7 billion in the previous financial year.

The two countries have also been working to address tariff and non-tariff barriers, logistics bottlenecks, payment mechanisms and insurance-related issues to support the USD 100 billion trade goal. They have also agreed to continue developing bilateral settlements using national currencies. (ANI)