External Affairs Minister S Jaishankar has said that bilateral trade in goods between India and Russia has increased more than five-fold from USD 13 billion in 2021 to USD 68 billion in 2024-25, and the trade imbalance should be addressed urgently.
Speaking at the 26th Session of the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), Jaishankar said that the IRIGC is a key mechanism to prepare for the Annual Summit, which is expected to be held by the end of this year.
“We are meeting here after about 10 months since the last Session in November 2024 in New Delhi, and I think this is perhaps the shortest interval between the two sessions that we have ever had. Over the last four years, our bilateral trade in goods has increased, as you have noted, more than five-fold from USD 13 billion in 2021 to USD 68 billion in 2024-25, and it continues to grow,” 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,” he added. He said the meeting is taking place in the backdrop of a complex geopolitical situation, and the leaders of the two countries remain closely and regularly engaged.
“We are all acutely aware that we are meeting in the backdrop of a complex geopolitical situation. Our leaders remain closely and regularly engaged. They provide us with wise and practical guidance for our Special and Privileged Strategic Partnership. They had two ‘in-person’ meetings last year and are personally committed to further advancing our strategic partnership,” he said.
Jaishankar is on a three-day visit to Russia. Apart from co-chairing IRIGC-TEC, the External Affairs Minister will address the India-Russia Business Forum meeting in Moscow. He will also meet Foreign Minister of the Russian Federation Sergey Lavrov and review the bilateral agenda and share perspective on regional and global issues. The visit aims to further strengthen the longstanding and time-tested India-Russia Special and Privileged Strategic Partnership.
