NEW DELHI: External Affairs Minister S. Jaishankar and Russia’s First Deputy Prime Minister Denis Manturov jointly chaired the 25th session of the Inter-Governmental Commission on trade, economic, scientific, technological, and cultural cooperation in New Delhi on Tuesday. Trade between India and Russia has grown fivefold over the past five years, with a 9% increase noted in the first eight months of this year.
Currently, the bilateral trade volume stands at $60 billion, and Jaishankar expressed hope that it could reach $100 billion by 2030.
India is optimistic about improving the trade balance, while Manturov expressed a desire to see progress on a Free Trade Agreement (FTA) between the Eurasian Economic Union (EAEU) and India, as well as a separate bilateral agreement on services and investments.
The two nations discussed enhancing collaboration between Indian and Russian banks, noting that 90% of trade settlements are now made in national and alternative currencies. “It is also important to synchronize our efforts in the transportation sector. We are keen to boost direct flights between our countries, raise flight frequency, expand routes, and see Indian carriers resume operations,” Manturov stated.
