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India-Russia trade to reach $ 100 bn by 2030:Jaishankar

India is confident of achieving USD 100 billion in annual bilateral trade with Russia well ahead of the timeline of 2030 and a more substantive relationship between the two nations has a larger global resonance, External Affairs Minister S Jaishankar said on Tuesday in New Delhi. There have been challenges to trade, especially with regard to payments and logistics and perceptible progress has been made in that regard, but there is still some work to be done, he said. The external affairs minister was speaking at the 25th India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC).

The two sides have seen “perceptible progress” in tackling challenges to trade, especially issues related to payments and logistics, but there is “still some work to be done”, Jaishankar said while co-chairing a meeting of the main body that oversees bilateral trade and technical cooperation with Russia’s first deputy prime minister Denis Manturov. Manturov noted trade was up by 9% during the first eight months of 2024 but agreed with Jaishankar on the need to diversify the trade basket. He said two-way trade has grown more than five-fold in the past five years and India is now Russia’s second largest trade partner. 
Later Finance Minister Nirmala Sitharaman met with the First Deputy Prime Minister of Russia, Denis Manturov in New Delhi. The Finance Ministry said that both the leaders discussed issues of bilateral and multilateral interest and exchanged views on measures to strengthen financial as well as economic ties between India and Russia.

 

 

 

 

 

 

 


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