Addressing the 26th Session of the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), External Affairs Minister S Jaishankar pointed to spectacular growth in the bilateral trade between Russia and India. He pointed out that the goods trade has more than quintupled, from USD 13 billion in 2021 to USD 68 billion in the 2024-25 financial year.
Despite this significant increase, Jaishankar emphasised the urgent need to address a growing trade imbalance.
"Over the last four years, our bilateral trade in goods has increased, as you have noted, more than five-fold," Jaishankar said, "However, a major trade imbalance has accompanied the growth; it has increased from USD 6.6 billion to USD 58.9 billion, which is about nine times. So we need to address that urgently."
The IRIGC, he explained, is a crucial mechanism for preparing for the upcoming Annual Summit, which is expected to take place later this year. Jaishankar also pointed out the unusually short interval between the current session and the last one in November 2024, signalling the heightened importance of these discussions.
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Jaishankar's visit to Russia comes against a backdrop of complex global geopolitics. He noted that the leaders of both nations "remain closely and regularly engaged," providing "wise and practical guidance" to the Special and Privileged Strategic Partnership. He underscored that the leaders had two in-person meetings last year, underlining their personal commitment to advancing the partnership.
During his three-day visit, Jaishankar is set to co-chair the IRIGC-TEC and address the India-Russia Business Forum meeting in Moscow. To exchange views on regional and global issues, Jaishankar will also discussions with Russian Foreign Minister Sergey Lavrov to review the bilateral agenda. The visit is aimed at strengthening the longstanding and resilient relationship between India and Russia.
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