New Delhi: On Tuesday, External Affairs Minister S. Jaishankar expressed confidence that India would reach a bilateral trade target of $100 billion with Russia before 2030, adding that the relationship between the two nations would have significant global impact. He mentioned that there have been challenges in trade, particularly in payments and logistics, but most of these have been addressed, though some issues remain.
Jaishankar made these remarks during the 25th meeting of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC). The Russian delegation was led by its First Deputy Prime Minister, Denis Manturov. Jaishankar emphasized India’s support for Russia’s growing interest in finding economic opportunities in India, pointing out that both economies complement each other in several areas and benefit from years of mutual trust. Bilateral trade is expected to grow by $66 billion, which is impressive, he noted.
He further stated that the goal is to balance trade more effectively and to overcome current obstacles, emphasizing the need for smoother processes. Jaishankar also mentioned the progress of negotiations for a Free Trade Agreement (FTA) between India and the Eurasian Economic Union (EEU). He highlighted Russia’s growing interest in India’s “Make in India” initiative, which would foster joint ventures and other collaborations.
Jaishankar was confident that the $100 billion trade target would be achieved by 2030 or even earlier. He also pointed out India’s remarkable growth rate over the last few decades, citing India’s potential for at least 8% growth for several more decades. He emphasized India’s role as a reliable partner, noting that the country places great importance on resources, technology, and best practices. The minister also acknowledged Russia’s role as a key supplier of fertilizers, crude oil, coal, and uranium to India. He highlighted the importance of India’s pharmaceutical industry as a cost-effective and reliable source for Russia.
Denis Manturov, Russia’s First Deputy Prime Minister, also emphasized the rapidly developing trade relations between India and Russia. He noted that trade between the two countries has increased fivefold in the last five years, with India now ranking second among Russia’s foreign economic partners. Manturov reiterated Russia’s commitment to signing a Free Trade Agreement with the EEU and emphasized the importance of bilateral agreements on services and investments, which would meet the needs of the business community.