External Affairs Minister S. Jaishankar has said that bilateral trade in goods between India and Russia has grown more than five-fold, rising from USD 13 billion in 2021 to USD 68 billion in 2024-25, while cautioning that the trade imbalance must 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 noted that the mechanism serves as a key platform to prepare for the Annual Summit, which is expected to take place later 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 two sessions 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 this growth; it has widened 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 further stated that the meeting was taking place against the backdrop of a complex geopolitical environment, while reaffirming that the leaders of both countries remain closely engaged and committed to guiding the Special and Privileged Strategic Partnership.
“Our leaders remain closely and regularly engaged. They provide wise and practical guidance to our Special and Privileged Strategic Partnership. They had two in-person meetings last year and are personally committed to further advancing our strategic partnership,” Jaishankar said.
The External Affairs Minister is on a three-day visit to Russia. In addition to co-chairing the IRIGC-TEC, he will address the India-Russia Business Forum in Moscow. He will also hold talks with Russian Foreign Minister Sergey Lavrov to review the bilateral agenda and exchange views on regional and global developments.
(ANI)