India and Russia Must Work Urgently on Trade Imbalance: Jaishankar

Foreign Minister addresses 26th session of India-Russia Inter-Governmental Commission

External Affairs Minister Dr. S. Jaishankar emphasized the urgent need to address the trade imbalance between India and Russia. Speaking at the 26th session of the India-Russia Inter-Governmental Commission (IRIGC-TEC), Jaishankar highlighted that while bilateral trade has grown rapidly, it is now essential to make trade sustainable, balanced, and diversified.

 

Rising Trade Figures

Bilateral trade between India and Russia stood at USD 65 billion in FY 2023-24, compared to USD 13 billion in 2021-22. This surge, driven largely by crude oil imports, has created a heavy imbalance in India’s favor toward imports from Russia.

 

Oil Supplies to Continue

Russian Deputy Prime Minister Denis Manturov assured that oil supplies to India will continue uninterrupted. He reaffirmed Russia’s commitment to long-term energy cooperation with India, stressing that Moscow is ready to meet India’s growing energy demands.

 

Key Talks Scheduled

Today, Jaishankar will also hold important talks with Russian Foreign Minister Sergey Lavrov, focusing on regional security, defense partnerships, and steps to strengthen economic cooperation.

 

Toward a Balanced Partnership

Jaishankar stressed that while energy cooperation is vital, both nations must focus on enhancing exports, investments, and joint ventures to create a more equitable partnership. India is also exploring new avenues of cooperation in technology, pharmaceuticals, agriculture, and infrastructure.