NEW DELHI: While this is the second year in a row that the India-Russia Summit has not been held, External Affairs Minister Dr S Jaishankar is scheduled to visit Russia for four days from December 25. The visit is part of an ongoing high-level exchange between the two nations.
“During the visit, Jaishankar will meet with Deputy Prime Minister and Minister of Trade and Industry, Denis Manturov, and Foreign Minister Sergey Lavrov. There will be discussions on bilateral issues, multilateral issues and international issues. The focus will also be on the strong people-to-people and cultural ties amongst the two nations. Jaishankar will have meetings in Saint Petersburg and Moscow,” said the Ministry of External Affairs (MEA) in a statement.
The India-Russia relations are considered ‘Special and Privileged Strategic Partnership’. Discussions are likely to be held on the expansion of trade in local currencies, investments and enhancing defence partnership.
The bilateral trade between India and Russia during 2022-23 was $49.36 billion. Indian exports were in the range of $3.14 billion, while imports from Russia were around $46.21 billion. During April-May 2023-24, India’s trade with Russia saw 161.22 per cent increase compared to the same period last year.
Meanwhile, the last annual summit between Prime Minister of India and President of Russian Federation was held on December 6, 2021. That was the 21st India-Russia Annual Summit held in Delhi, and was attended by Russian President Vladimir Putin.
Prime Minister Modi was to visit Russia in 2022. However, the outbreak of the conflict between Russia and Ukraine on February 24, 2022, led to the summit being skipped for the second consecutive year.
Trade
India-Russia bilateral trade in 2022-23 was $49.36 billion. Indian exports were in the range of $3.14 billion, while imports from Russia were around $46.21 billion. During April-May 2023-24, India’s trade with Russia saw 161.22 per cent increase YoY.