India and Russia are looking to increase their annual trade volume by nearly 50 per cent over the next five years, setting an ambitious target of $100 billion.
Speaking at the India-Russia Business Forum in Moscow, External Affairs Minister S Jaishankar emphasised the need to dismantle trade barriers and streamline systems to achieve the milestone. Russia is currently India’s fourth-largest trading partner, while India is Russia’s second-largest. Jaishankar is on a three-day trip to Moscow for the annual bilateral dialogue, paving the way for President Vladimir Putin’s visit to India later this year.
“We are all acutely aware that we are meeting in the backdrop of a complex geopolitical situation. Our leaders remain closely and regularly engaged,” he said, stressing that “dependable and steady partners” are essential in uncertain times. The move comes as both countries face growing trade tariff strains with the US.
US President Donald Trump has slapped a 25 per cent tariff on Indian goods, threatening to double it to 50 per cent by August 27, a blow that could severely undermine India’s $85 billion exports to the US.
Jaishankar emphasised the importance of diversifying economic ties, encouraging joint ventures and improving payment systems to streamline trade flows. His visit follows Prime Minister Narendra Modi’s reaffirmation of ties with Putin and comes ahead of Modi’s trip to China later this month.
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