New Delhi: External Affairs Minister Dr. S. Jaishankar expressed confidence today that India and Russia will surpass their trade target of $100 billion long before the 2030 deadline.
Addressing the 25th Session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation in New Delhi, Dr. Jaishankar highlighted the growing economic ties between the two nations. He noted that Russia has become a significant supplier of essential goods to India, including fertilizers, crude oil, coal, and uranium, while India’s pharmaceutical industry has emerged as a key, affordable, and reliable partner for Russia.
Despite challenges in trade, particularly around payments and logistics, Dr. Jaishankar acknowledged that significant progress has been made in resolving these issues. He emphasized that further work remains to ensure smooth bilateral trade flows. The Minister also underscored the importance of joint initiatives in connectivity, including the International North-South Transport Corridor, the Chennai-Vladivostok Corridor, and the Northern Sea Route, as vital for future cooperation.
“Both sides are committed to enhancing cooperation in areas critical to our food, energy, and health security,” Dr. Jaishankar said, outlining the strategic dimensions of the partnership.
Russian First Deputy Prime Minister Denis Manturov, who was present at the session, also spoke about the remarkable growth in trade turnover between the two countries. He revealed that over the past five years, trade between India and Russia has increased more than five-fold, positioning India as Russia’s second-largest foreign economic partner.
Both leaders reiterated their commitment to strengthening bilateral relations and achieving the ambitious trade target well ahead of the 2030 timeline.
