External Affairs Minister S Jaishankar has said India and Russia have made significant strides in strengthening their economic ties, with bilateral trade in goods reaching a record high of USD 68 billion in 2024-25.
“Over the last four years, our bilateral trade in goods has increased, as you have noted, more than five-fold from USD 13 billion in 2021 to USD 68 billion in 2024-25 and it continues to grow. However, a major trade imbalance has accompanied the growth; it has increased from USD 6.6 billion to USD 58.9 billion which is about nine times,” Jaishankar said in his opening remarks at the 26th India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) in Moscow.
The External Affairs Minister suggested that Working Groups and Sub-Groups adopt a more creative and innovative approach to their agendas, focusing on areas like smoother settlements, better logistics, and joint ventures, adding that IRIGC-TEC will allow to improve efficiency and rise to the occasion of deepening our economic cooperation.
“The various Working Groups and Sub Groups could perhaps take a more creative and innovative approach towards their respective agendas. The challenges posed by the larger landscape that I mentioned require us to do so. And this should be done in a manner in which it works for both sides.
“So, when we speak today as you did, Excellency, of the smoothness of settlements, of better logistics, of diversifying our trade basket, of creating more joint ventures, of moving on skilling and mobility, these are some of the areas, some examples what we need to focus on more effectively,” said Jaishankar.
He said continuously expanding the agenda through mutual consultation will help tap into the full potential of trade and investment ties. “We should continuously diversify and expand our agenda through mutual consultation.
“This will help us to tap into full potential of our trade and investment ties. We should not get stuck on a beaten track. Doing more and doing differently should be our mantras.”
Jaishankar also focused on removing tariff and non-tariff trade barriers, improving logistics, and promoting connectivity through major corridors like the International North-South Transport Corridor and the Chennai-Vladivostok Corridor.
He said streamlining payment mechanisms and finalising the Programme of Economic Cooperation till 2030 are also key priorities, adding that India and the Eurasian Economic Union are working towards an early conclusion of the Free Trade Agreement, with terms of reference finalised during the session.
Jaishankar said, “Allow me to lay out some of the salient features of the agenda before us. Addressing tariff and non-tariff trade barriers, removing bottlenecks in logistics, promoting connectivity through the International North-South Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok Corridor, effecting payment mechanisms smoothly, timely finalization and execution of the Programme of Economic Cooperation till 2030, the early conclusion of the India-Eurasian Economic Union FTA, whose terms of reference were finalised today, and regular interaction between the businesses of the two countries – these are among the key elements.”
“They will not only help to address the imbalance and grow our trade, but also hasten the timely achievement of our revised trade target of USD 100 billion by 2030,” added Jaishankar.