External Affairs Minister S Jaishankar states that the trade deficit with Russia must be resolved.

On Monday, external Affairs Minister S Jaishankar urged immediate action to resolve India’s trade deficit with Russia while describing the relationship between the two countries as one of the world’s most stable major alliances.

At an event in the presence of Russian Deputy Prime Minister Denis Manturov, Jaishankar stated that resolving the imbalance requires addressing obstacles such as market access issues, non-tariff barriers, and those pertaining to payments or logistics.

The minister of foreign affairs stated that the bilateral trade goal of USD 30 billion has been surpassed well before the target year of 2025, adding that the bilateral trade volume was approximately USD 45 billion from April 2022 to February 2023.

Manturov stated that India and Russia are working to finalise a bilateral agreement to promote and protect investments and that Moscow is considering expanding trade ties with New Delhi.

Manturov added that Russia and the Eurasian Economic Commision are eager to advance negotiations on a free trade agreement with India.

The future of India-Russia economic cooperation, according to Jaishankar, necessitates the willingness and capacity to truly consider the concerns of the other party and to devise solutions to surmount obstacles.

According to the minister, payments, logistics, and certifications are the most important aspects of economic engagement.

“There are also discussions regarding the payment issue. The expansion of the correspondent relationship network under the scheme for international trade settlement in Indian rupees via a special rupee vostro account system, he said.

“And I believe the payments issue must be resolved between our systems.” This will also be discussed at tomorrow’s meeting,” he added, referring to the intergovernmental commission meeting on Tuesday.

Without mentioning the Ukraine crisis, but placing India-Russia economic cooperation in a strategic context, Jaishankar stated that the partnership is a “subject of attention and comment, not because it has changed, but because it has not” Indeed, it has been one of the most stable main international relationships in the modern era. But that alone is insufficient. Our commitment to a multi-polar world is shared. Moreover, this entails a multipolar Asia, he stated during the India-Russia Business Dialogue.

Russia’s increased focus on Asia, according to Jaishankar, could lead to an expansion of “our engagement, which was overly reliant on the triad of military, nuclear, and space cooperation.” “It also provides Russia with a broader range of options. As Russia turns eastward, its complementary resources and technologies can contribute significantly to India’s growth. And this is the development of a $3.5 trillion economy that is expected to grow at a rate of more than 7% for at least a decade,” he said.


Hi, my name is Nisha and I'm an educational journalist based in India. I've always been passionate about the power of education to transform lives, and that's what led me to pursue a career in journalism focused on this area. I completed my Bachelor's degree in English from Hindu College in Delhi in 2013 and then went on to earn my Master's in Journalism and Mass Communication from the Indian Institute of Mass Communication in 2017. During my studies, I also completed several short-term courses on Education in India, Sociology, and other related subjects to deepen my knowledge in this field. I'm particularly interested in improving access to quality education in rural areas, where students often face significant challenges. I've worked on a number of initiatives to address this issue, including advocating for better policies, resources, and practices that can make a difference. As an educational journalist, I'm passionate about using my platform to highlight important issues in the education space. I've covered a wide range of topics, including the impact of technology in the classroom, innovative approaches to teaching and learning, and the challenges facing students from marginalized communities. One of the things I love most about my work is the opportunity to constantly learn and grow. I'm an avid reader and believe that reading is key to expanding one's knowledge and perspective. I'm always seeking out new ideas and insights to help me better understand the world around me. In summary, as an educational journalist, I'm dedicated to using my skills and expertise to make a positive impact in the field of education. I'm committed to improving access to quality education for all students and to using my platform to raise awareness about important issues in this area.

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