India is optimistic about surpassing its goal of achieving USD 100 billion in annual bilateral trade with Russia well before the 2030 target, External Affairs Minister S. Jaishankar said on Tuesday. Speaking at the 25th session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), Jaishankar highlighted the progress made in overcoming trade barriers, particularly in payments and logistics, though he acknowledged that further work remains.

Jaishankar emphasized that the trade relationship between India and Russia needs to be more balanced, with both sides addressing existing constraints and facilitating greater cooperation. He noted that the growth in bilateral trade, currently valued at USD 66 billion, is promising, but the focus should be on ensuring a more equitable exchange. A key part of this effort is the ongoing negotiations for a Free Trade Agreement (FTA) between India and the Eurasian Economic Union (EEU).

The minister also welcomed Russia's growing interest in India's economic initiatives, particularly the "Make in India" program, which is expected to drive joint ventures and other forms of collaboration. He expressed confidence that the two nations would achieve the trade target well ahead of 2030, citing India's rapid growth and Russia’s strategic role in supplying essential resources such as fertilizers, crude oil, coal, and uranium.

Jaishankar underscored the importance of expanding connectivity projects like the International North-South Transport Corridor and the Chennai-Vladivostok Corridor, which could enhance trade and economic cooperation between the two countries. In his remarks, Russian First Deputy Prime Minister Denis Manturov echoed Jaishankar’s optimism, noting that India has become Russia’s second-largest economic partner, with trade turnover increasing more than fivefold in the past five years.

India is optimistic about surpassing its goal of achieving USD 100 billion in annual bilateral trade with Russia well before the 2030 target, External Affairs Minister S. Jaishankar said on Tuesday. Speaking at the 25th session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), Jaishankar highlighted the progress made in overcoming trade barriers, particularly in payments and logistics, though he acknowledged that further work remains.

Jaishankar emphasized that the trade relationship between India and Russia needs to be more balanced, with both sides addressing existing constraints and facilitating greater cooperation. He noted that the growth in bilateral trade, currently valued at USD 66 billion, is promising, but the focus should be on ensuring a more equitable exchange. A key part of this effort is the ongoing negotiations for a Free Trade Agreement (FTA) between India and the Eurasian Economic Union (EEU).

The minister also welcomed Russia's growing interest in India's economic initiatives, particularly the "Make in India" program, which is expected to drive joint ventures and other forms of collaboration. He expressed confidence that the two nations would achieve the trade target well ahead of 2030, citing India's rapid growth and Russia’s strategic role in supplying essential resources such as fertilizers, crude oil, coal, and uranium.

Jaishankar underscored the importance of expanding connectivity projects like the International North-South Transport Corridor and the Chennai-Vladivostok Corridor, which could enhance trade and economic cooperation between the two countries. In his remarks, Russian First Deputy Prime Minister Denis Manturov echoed Jaishankar’s optimism, noting that India has become Russia’s second-largest economic partner, with trade turnover increasing more than fivefold in the past five years.