india-russia-trade-to-hit-100b-by-2030-says-eam-jaishankar

India’s External Affairs Minister Dr. S. Jaishankar on Monday projected that bilateral trade between India and Russia would exceed USD 100 billion by 2030, calling it a realistic and achievable target. 

 

Speaking at the India-Russia Business Forum in Mumbai, Jaishankar highlighted that the current trade volume stood at USD 66 billion, making the goal of reaching USD 100 billion by 2030 attainable. 

 

However, he noted that the trade balance urgently needed to be addressed, emphasising the need for swift action on non-tariff barriers and regulatory challenges. He added that the India-Eurasian Economic Union trade negotiations, which began in March, should be vigorously advanced.

 

Jaishankar outlined key areas driving future economic cooperation, including the establishment of a Comprehensive Economic Partnership by 2030. 

 

He also stressed the importance of accelerating discussions on a Bilateral Investment Treaty to foster investor confidence and promote mutual settlements in national currencies. 

 

Special Rupee Vostro Accounts, already established, are seen as a key development in facilitating currency settlements and creating a more balanced trade relationship.

 

He noted that the May 2024 bilateral agreement on Authorized Economic Operators between Indian and Russian customs authorities had positively impacted trade facilitation and business ease. 

 

Jaishankar also highlighted 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—which are crucial for improving logistical networks between the two countries.

 

Beyond trade, Jaishankar emphasised the importance of collaboration in sectors such as education and film, which he described as vital for fostering a deeper cultural and economic connection between India and Russia.

 

He also revealed that work was underway on a Programme of Economic Cooperation through 2030, aimed at creating a sustainable framework for growth.

 

Acknowledging some challenges, Jaishankar pointed to banking and payment issues, logistical obstacles in shipping, and difficulties with market access. 

 

He urged both governments to focus on creating solutions to address these concerns and meet the needs of businesses engaged in bilateral trade.