Moscow [Russia], August 20 : Russia and India trade turnover surged 700 per cent over the past 5 years and New Delhi is now in the top 3 of Russian trading partners, said Deputy PM Denis Manturov after meeting with External Affairs Minister S Jaishankar.
https://x.com/RusEmbIndia/status/1958197761125556330
In a post on X, the Russian Embassy in India wrote, "Russia-India trade turnover SURGED #700% over the past 5 years."
"India is now in the TOP 3 of Russian trading partners, says Russian Deputy PM Denis Manturov" after meeting with EAM Jaishankar, the post added.
Jaishankar is on a three-day visit to Russia. Apart from co-chairing IRIGC-TEC, the External Affairs Minister will address the India-Russia Business Forum meeting in Moscow.
Earlier, on his official visit to Moscow, EAM paid his respects at the Tomb of the Unknown Soldier, laying a wreath in memory of those who sacrificed their lives in the Great Patriotic War, which began on June 22, 1941, when German troops launched a surprise attack on the Soviet Union during World War-II, and ended on May 8, 1945, when Germany surrendered.
He also participated in the 26th Session of the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC). Jaishankar said that the IRIGC is a key mechanism to prepare for the Annual Summit, which is expected to be held by the end of this year.
He also noted that bilateral trade in goods between India and Russia has increased more than five-fold from USD 13 billion in 2021 to USD 68 billion in 2024-25, and the trade imbalance should be addressed urgently.
"We are meeting here after about 10 months since the last Session in November 2024 in New Delhi, and I think this is perhaps the shortest interval between the two sessions that we have ever had. 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," Jaishankar said.
"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. So we need to address that urgently," he added.
"Co-chaired an extremely productive 26th India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation IRIGC-TEC along with First DPM Denis Manturov of Russia today. We had detailed discussions on our cooperation in a wide-ranging arena, including the trade & economic sector, agriculture, energy, industries, skilling, mobility, education and culture. As we meet in the backdrop of a complex geopolitical situation, we made the following suggestions to make the IRIGIC-TEC an even more efficient catalyst for deepening our economic cooperation," Jaishanka wrote on X.
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