Jaishankar expressed hope that trade with Russia will reach $100 billion by 2030

The 25th meeting of the Intergovernmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation was co-chaired by Russian First Deputy Prime Minister Denis Manturov and External Affairs Minister S Jaishankar in New Delhi on Tuesday. Over the last five years, trade between India and Russia has increased fivefold, and in the first eight months of this year, it has increased by 9%.

Jaishankar believed that by 2030, the $60 billion in bilateral commerce between the two nations will have grown to $100 billion.

India looked for an improvement in the trade balance. In addition to a bilateral deal on services and investments, Manturov anticipated that the Eurasian Economic Union (EAEU) and India will conclude a Free Trade deal (FTA).

Given that 90% of transactions already take place in both national and alternative currencies, the two parties also discussed extending collaboration between Russian and Indian banks. “Coordination of activities in the transportation industry is equally crucial. Increasing direct air travel between our nations is something we are interested in. We anticipate that Indian air carriers will restart flights, expand their route network, and boost flight frequency,” Manturov said.