Mumbai: Speaking at the India-Russia Business Forum in Mumbai, Indian Minister of External Affairs Dr. S. Jaishankar stated that by 2030, India-Russia bilateral trade is expected to exceed USD 100 billion. He highlighted that the current bilateral trade stands at USD 66 billion, making the goal of reaching USD 100 billion by 2030 highly achievable. However, he noted the urgent need to address the imbalance in trade, stressing the importance of overcoming non-tariff barriers and regulatory obstacles to achieve this target. Jaishankar also mentioned that negotiations on the India-Eurasian Economic Union trade-in-goods agreement began in March this year and should be pursued with vigor.
Jaishankar outlined ten critical areas for development that indicate a promising path toward strengthening trade and investment relations between the two nations. He emphasized the vision set by the leaders of India and Russia and pointed to opportunities for deeper economic engagement, with the aim of establishing a Comprehensive Economic Partnership by 2030. He also stressed the importance of expediting negotiations on a Bilateral Investment Treaty to enhance investor confidence.
Jaishankar underscored the growing importance of mutual trade settlements in national currencies amid global financial changes. The introduction of Special Rupee Vostro Accounts has been established as an effective mechanism to facilitate this process. He called for a more balanced trade relationship, supported by these currency settlements, to help address existing trade imbalances. He also pointed to the positive impact of the May 2024 bilateral agreement on Authorized Economic Operators between Indian and Russian customs authorities, which has improved trade facilitation and ease of doing business.
Additionally, Jaishankar emphasized the continued development of three major connectivity corridors: the International North-South Transport Corridor (INSTC), the Chennai-Vladivostok Maritime Corridor, and the Northern Maritime Route. These corridors are vital for enhancing logistical networks between India and Russia. Beyond trade, Jaishankar highlighted the importance of collaboration in sectors like education and film, which he sees as key to fostering a deeper cultural and economic bond between the two nations. He concluded by revealing that work on a Programme of Economic Cooperation till 2030 is already underway to create a sustainable framework for future growth.
