External Affairs Minister S. Jaishankar announced that India and Russia aim to achieve $100 billion in bilateral trade by 2030, highlighting economic complementarities and emerging business opportunities during his keynote address at the India-Russia Business Forum.
India-Russia Bilateral Trade: S. Jaishankar Highlights Economic Complementarities at Business Forum
External Affairs Minister Dr. S. Jaishankar delivered the keynote address at the India-Russia Business Forum today, emphasizing the growing India-Russia bilateral trade complementarities between the two nations and the emerging opportunities for stronger business cooperation in an increasingly multipolar world.Ahead of the 25th session of the India-Russia Inter-Governmental Commission meeting, External Affairs Minister S. Jaishankar on Monday (November 11, 2024) emphasized that bilateral trade in national currencies is of “great importance”
India-Russia Trade to Reach $100 Billion by 2030: S. Jaishankar’s Keynote at Business Forum
At the India-Russia Business Forum in Mumbai, External Affairs Minister Dr. S. Jaishankar revealed that the bilateral trade between India and Russia, currently standing at $66 billion, is projected to reach $100 billion by 2030.
The Minister highlighted the growing economic partnership between the two nations and emphasized the importance of national currency settlements in the current global economic climate. Jaishankar noted that the establishment of Special Rupee Vostro Accounts has been an effective mechanism for trade, and in the short term, improving trade balance through national currency exchanges is a key solution.
Key Highlights from S. Jaishankar’s Address:
- Economic Complementarities: Jaishankar spoke about the vast potential for collaboration across various sectors, from energy to defense and technology, noting that the economic complementarities between India and Russia are stronger than ever.
- Multipolar World and Business Cooperation: He stressed the importance of business cooperation between the two nations in a multipolar world, with both India and Russia looking to align their economic strategies to benefit from global shifts.
- Make in India Recognition: The Minister also acknowledged the growing appreciation of India’s Make in India initiative within Russia, reinforcing the message that India’s industrial capabilities are increasingly recognized in global markets.
- Target of $100 Billion Trade by 2030: Jaishankar reaffirmed India’s strong resolve to boost connectivity, investment linkages, and overall trade to achieve the target of $100 billion in bilateral trade by 2030. This ambitious goal is set to strengthen not only the economic relationship but also geopolitical ties between the two countries.
- Upcoming India-Russia Intergovernmental Commission: With confidence, the Minister expressed optimism that the discussions at the forum would lay the groundwork for a successful meeting of the India-Russia Intergovernmental Commission scheduled for tomorrow, which will further solidify bilateral cooperation across various sectors.
S. Jaishankar Highlights Key Connectivity Initiatives and Economic Cooperation at India-Russia Business Forum
At the India-Russia Business Forum in Mumbai, External Affairs Minister Dr. S. Jaishankar outlined key initiatives aimed at boosting connectivity between India and Russia. He highlighted three major projects: the International North-South Transport Corridor (INSTC), the Chennai-Vladivostok Corridor, and the Northern Maritime Route. These initiatives are set to strengthen trade and people-to-people ties by improving transport links and facilitating smoother movement of goods between the two nations.
Jaishankar also spoke about the recent bilateral agreement signed in May 2024 between the customs authorities of India and Russia on Authorised Economic Operators. He emphasized that the deal has already had a significant positive impact, particularly in enhancing the ease of doing business between the two countries. By streamlining customs processes, the agreement aims to reduce logistical delays and lower trade costs, making it easier for businesses to operate across borders.
These efforts, alongside the $100 billion trade target by 2030, demonstrate the growing depth of economic collaboration between India and Russia, further solidifying their partnership in the evolving global trade landscape.
India-Russia Trade Unwavering Despite US Sanctions, Says S. Jaishankar
Amid the recent sanctions imposed by the US on Indian entities dealing with Russian counterparts, External Affairs Minister Dr. S. Jaishankar stressed that the India-Russia trade relationship remains strong.
At the India-Russia Business Forum, Jaishankar emphasized the clear direction provided by both governments to ensure the growth of trade and cooperation. With initiatives like the Chennai-Vladivostok Corridor and national currency trade gaining momentum, the two nations remain resolute in expanding their economic ties.
Key Developments in India-Russia Economic Relations
During the BRICS summit in Kazan earlier this year, PM Modi and other leaders emphasized the need for bilateral currency trade to safeguard national interests. The Kazan Declaration reinforced this, reflecting the growing trend of India-Russia cooperation.
In Mumbai, Dr. S. Jaishankar met with Denis Manturov, Russia’s First Deputy Prime Minister, ahead of the India-Russia Inter-Governmental Commission meeting to discuss vital areas of trade, economic cooperation, and cultural ties.
Since the 2022 Ukraine invasion, India-Russia trade has surged, with India playing a key role in maintaining energy and technology exchanges despite global pressures. In further strengthening these ties, the Russian Business Centre will open in New Delhi on November 12, providing a platform for business collaboration.
