NEW DELHI: The bilateral trade between India and Russia is growing strong, but there is need to work on the trade imbalance, External Affairs Minister S Jaishankar said on Tuesday.
“We have crossed the bilateral trade target of $30 billion that we had set for 2025. In fact, from April 2022 to February 2023, the trade between India and Russia was about $45 billion and this is likely to grow. However, there is an understandable trade imbalance which these new volumes have created. We need to work with our Russian friends to address this imbalance,’’ Dr Jaishankar said during his interaction with visiting Russian Deputy PM and Trade and Industry Minister, Denis Manturov.
Addressing that imbalance means addressing the impediments like market access issues, tariff barriers, payment-related issue, logistics etc. “I am convinced that it is possible to really find solutions, because if you look even in the last year, and this is something which the deputy PM himself is personally involved, we found ways, for example, of looking at, the fertiliser trade, in a much more mutually acceptable way. So, I think if we can look at an area like fertilizer, surely you know, the same spirit of cooperation and mutuality, we can look at other areas and look to find solutions,’’ Jaishankar said.
Jaishankar and Deputy PM Manturov co-chaired the 24th session of the India-Russia Inter-governmental Commission on Trade, Economic, Scientific, Technologicial and Cultural Cooperation (IRIGC-TEC).
“According to the last year results, the trade turnover increased 2.6 times and we have surpassed our own trade target,’’ Manturov said.
India and Russia are Special and Privileged Strategic Partners. During the last decade there has been increased cooperation in energy, science, technology and inter-regional cooperation. Meanwhile, exports from India traditionally have been pharmaceuticals and organic chemical and at present there are possibilities of auto spares, electronic goods, medical devices, textiles, leather, agricultural products. India, Russia are also in advanced negotiations on a new Bilateral Investment Treaty (BIT).
Strong growth in bilateral trade
India-Russia trade has crossed the bilateral trade target of $30 billion thatwas set for 2025. From April 2022 to February 2023, the trade between India and Russia was about $45 billion and this is likely to grow