New Delhi: External Affairs Minister S. Jaishankar and Russia’s First Deputy Prime Minister Denis Manturov co-chaired the 25th session of the India-Russia Inter-Governmental Commission in New Delhi. The meeting highlighted the significant surge in bilateral trade, which has grown five-fold over the past five years and now stands at $60 billion, with a 9% increase in 2024 alone.
Jaishankar expressed optimism that the trade target could reach $100 billion by 2030. Both leaders discussed improving the trade balance and further strengthening economic ties between the two countries.
Manturov pushed for a Free Trade Agreement (FTA) between the Eurasian Economic Union (EAEU) and India, along with a bilateral agreement focused on services and investments. He also emphasized the importance of enhancing cooperation in the transport sector.
The two sides also touched upon expanding financial cooperation, particularly between Russian and Indian banks, where national and alternative currencies currently make up 90% of settlements. Additionally, both countries are looking to boost air traffic, increase flight frequencies, and expand the route network.
