Before 2030, India-Russia Trade to Reach $100 Billion: Jaishankar

Before 2030, India-Russia Trade to Reach $100 Billion: Jaishankar
During the meeting of the governmental commission, it was highlighted that a more balanced trade between the two nations is essential.

India and Russia are on track to achieve $100 billion in trade even before 2030, according to Indian External Affairs Minister S. Jaishankar. Speaking at the India-Russia Inter-Governmental Commission meeting, Jaishankar emphasized the need to balance trade between the two countries, especially considering the growing imports from Russia in energy, oil, and defence sectors.
The meeting marked the 25th annual gathering of the commission and included discussions on various topics, with a focus on expanding India-Russia economic cooperation. Jaishankar expressed optimism, noting that while imports from Russia have surged, efforts are underway to increase Indian exports to Russia to balance the trade.
Jaishankar stated, “Our objective is to balance our relationship and enhance India’s exports to Russia. The positive momentum in our trade relationship presents opportunities, and we will work to capitalize on them.”
The government is focusing on multiple sectors to boost exports, including agriculture, pharmaceuticals, and machinery, which have the potential to increase Indian exports to Russia significantly. The commission aims to facilitate an exchange of goods that will support this trade growth.
India-Eurasian Economic Union Free Trade Agreement Could See Progress
The External Affairs Minister also spoke on the potential for a free trade agreement (FTA) between India and the Eurasian Economic Union (EAEU), which includes Russia and other neighbouring countries. This agreement is expected to enhance trade relations and expand economic opportunities for both sides.
With enhanced efforts and coordinated policies, India and Russia are set to strengthen their trade partnership, which will not only contribute to economic growth but also foster deeper bilateral ties.