India, Russia discuss expansion of trade

NEW DELHI: Expansion of trade between India and Russia was among the things discussed during a meeting that was led by External Affairs Minister, Dr S Jaishankar, on Monday virtually with the Deputy Prime Minister of Russia, Denis Manturov, who is also the minister of trade and industry. They were co-chairs of the India-Russia Intergovernmental Commission on Trade, economic, scientific, technological and cultural cooperation (IRIGC-TEC).

"We noted the expansion of trade and discussed trade deficit and market access issues,’’ said Dr Jaishankar.

The Co-chairs reviewed the progress achieved in the various Working Group and Sub-Group Meetings under the IRIGC-TEC framework since their meeting in Moscow in November 2022 and gave guidance to prepare the ground for the next in-person meeting of IRIGC-TEC, which will be held in New Delhi at mutually convenient dates.

"The two sides agreed to work together to unlock the full potential of India-Russia bilateral trade and economic relations including through addressing the trade deficit and market access issues,’’ according to the Ministry of External Affairs (MEA).

The Inter-governmental Commission is a mechanism for regularly monitoring bilateral progress across the sectors of trade and economic cooperation between the two countries which was set up by an agreement on the inter-governmental Commission on Trade, Economic, Scientific and Technological Cooperation signed in May 1992.

"The first session of IRIGC was held on 13 and 14 September 1994. So far, 23 IRIGC meetings have been held. The 23rd Session of IRIGC was held on 14 September 2018 in Moscow. The 24th IRIGC-TEC meeting will be hosted by India and today’s review meeting will pave the way for the same,’’ MEA added.