India is confident of reaching a $100 billion trade volume with Russia ahead of the 2030 target, says External Affairs Minister Jaishankar.
India is optimistic about achieving a $100 billion trade volume with Russia.
India is optimistic about reaching an annual bilateral trade target of USD 100 billion with Russia well before the 2030 deadline, as stated by External Affairs Minister S. Jaishankar on Tuesday. He emphasized that a deeper partnership between the two countries holds significant global implications.
While acknowledging existing challenges in trade, particularly concerning payments and logistics, Jaishankar noted that progress has been made, although further efforts are necessary. He made these comments during the 25th session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC).
The Russian delegation was headed by First Deputy Prime Minister Denis Manturov. In his televised opening remarks, Jaishankar highlighted the need for a more balanced trade relationship, which would involve addressing existing limitations and enhancing facilitative measures. He remarked, “As two significant nations in an increasingly multipolar world, a more substantial relationship between us carries greater significance.”
Jaishankar expressed New Delhi’s appreciation for Moscow’s increasing interest in exploring economic opportunities within India. He pointed out that the two economies are complementary in various aspects and benefit from a foundation of trust developed over many years. Currently, bilateral trade is estimated at USD 66 billion, which he described as commendable.
He reiterated the necessity for a more balanced trade dynamic, which would entail tackling current challenges and implementing more facilitative initiatives. He also mentioned that facilitating trade should coincide with advancements in negotiations regarding the India-Eurasian Economic Union Free Trade Agreement (FTA).
Jaishankar remarked that India has observed an increasing interest from Russia in the Make in India initiative, which will promote joint ventures and various forms of collaboration between the two nations.
“I am confident that we will reach the trade goal of USD 100 billion by 2030, and likely even sooner,” he stated.
The external affairs minister also emphasized India’s remarkable growth trajectory over the past few decades.
“India, which has the potential for at least several decades of 8 percent growth ahead, clearly values a dependable partner in terms of resources, technology, and best practices,” he noted.
Jaishankar further addressed Russia’s provision of fertilizers, crude oil, and coal to India.
“Russia has become a significant supplier of fertilizers for us. Its contributions of crude oil, coal, and uranium are indeed vital. Likewise, India’s pharmaceutical sector has established itself as an affordable and trustworthy source for Russia.” “Looking forward, we are also considering the mobility of talent and skills, tailoring them for the Russian market as a collaborative effort,” he added.
The external affairs minister also underscored the significance of various connectivity initiatives.
“Our collaborative efforts regarding connectivity, including the International North-South Transport Corridor, the Chennai-Vladivostok Corridor, and the Northern Sea Route, must progress,” he stated.
“We will also engage in discussions concerning cooperation essential for our food, energy, and health security,” he concluded.
In his remarks, Manturov also delved into fast evolving trade ties between India and Russia.
“Over the last five years, the trade turnover of our country has grown more than fivefold. And India is now the second country among all the foreign economic partners of Russia,” he said.
“Among other things, we confirm our strong commitment on signing the free trade agreement between the EEU (Eurasian Economic Union) and India, as well as the bilateral agreement on services and investments. This fully meets the needs of our business community,” he said.
