India Confident of Achieving USD 100 Billion Trade Volume with Russia Before 2030

India aims to reach USD 100 billion in annual trade with Russia before 2030, according to External Affairs Minister S Jaishankar. He noted that while progress has been made in overcoming trade challenges like payments and logistics, more work is needed. Jaishankar spoke at the 25th India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), where the Russian delegation was led by First Deputy Prime Minister Denis Manturov.

Jaishankar highlighted the importance of a balanced trade relationship between India and Russia. He mentioned that addressing current constraints and facilitating efforts are crucial for achieving this balance. "Our economies are not only complementary in many respects but benefit from the trust and confidence built over many years," he said. The bilateral trade is currently estimated at USD 66 billion.

Strengthening Economic Ties

The IRIGC-TEC meeting focused on enhancing cooperation in various sectors, including trade, investments, hydrocarbons, nuclear energy, connectivity, agriculture, science and technology, pharmaceuticals, healthcare, fertilizers, and education. Both sides agreed to develop a broad-based framework to increase economic engagement. The Ministry of External Affairs (MEA) stated that this framework aims to boost economic ties between the two nations.

Jaishankar expressed India's appreciation for Russia's interest in exploring economic opportunities within India. He noted that Russia's growing involvement in the Make in India programme would encourage joint ventures and collaborations. "I am confident that we will achieve the trade target of US dollars 100 billion by 2030, well before that," he added.

Focus on Connectivity Projects

The external affairs minister emphasised the significance of connectivity projects like the International North-South Transport Corridor and the Chennai-Vladivostok Corridor. These initiatives are crucial for enhancing connectivity between the two countries. "Our joint endeavours in regard to connectivity must go forward," he stated.

Jaishankar also discussed Russia's supply of essential resources to India. "Russia has emerged as a major source of fertilizers for us. Its supply of crude oil, coal and uranium is indeed important," he said. Meanwhile, India's pharmaceutical industry has become a reliable source for Russia.

Commitment to Strategic Partnership

Manturov highlighted the rapid growth in trade relations between India and Russia over the past five years. "Over the last five years, the trade turnover of our country has grown more than fivefold," he said. Manturov also confirmed their commitment to signing a free trade agreement between the Eurasian Economic Union (EEU) and India.

In a statement following the meeting, Jaishankar described it as productive. "Co-chaired a productive and wide-ranging 25th meeting of the India-Russia Intergovernmental Commission in Delhi," he posted on X. He thanked Manturov and their delegations for their contributions to reinforcing critical food, energy, and health security.

Future Prospects

The MEA stated that Jaishankar and Manturov directed working groups to expedite finalising the economic cooperation programme for 2030. They also emphasised enhancing market access to help achieve the USD 100 billion trade target by 2030. The Russian first deputy prime minister met with Prime Minister Narendra Modi and other key officials during his visit.

The discussions during Manturov's visit are expected to strengthen mutual understanding between India and Russia. This will aid in implementing bilateral priorities and further solidify their strategic partnership. The MEA noted that these exchanges would contribute significantly to developing better relations between the two countries.