Denis Manturov: India is now Russia’s second largest economic partner

Denis Manturov, Russia’s first deputy prime minister, who is now visiting India, emphasized the substantial advancements in bilateral commerce between the two nations on Tuesday while highlighting the possibility of future expansion.

Manturov emphasized the significance of strengthening cooperation through large-scale congress and exhibition events in both countries during the 25th Session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation, which was held in the nation’s capital. He claimed that this would “allow to rhythmically expand the growth rates of trade turnover in accordance to fashion.”

“Here I would like to point out the stable positive dynamics, and over the last five years, our country’s trade turnover has grown more than fivefold,” Manturov said, highlighting the remarkable trajectory of trade ties. India is now Russia’s second-largest foreign economic partner.

With a 9% rise in trade turnover in the first eight months of 2024 compared to the previous year, he pointed out that this encouraging trend has persisted.

Manturov emphasized the diversification of commerce between the two nations, pointing to the rising exports of food, especially soybean and sunflower oil, as well as the historical exports of energy sources and mineral fertilizers. However, he pointed out that Russia imports medicinal medications, chemicals, industrial equipment, and components from India. As part of a comprehensive strategy for collaboration until 2030, he also stated efforts to diversify the product line and solve the trade deficit.

Speaking about upcoming projects, Manturov reiterated Russia’s will to complete important accords. “Among other things, we reaffirm our unwavering commitment to signing the bilateral agreement on services and investments as well as the free trade agreement between the EEU and India. “This completely satisfies our business community’s needs,” he said.

External Affairs Minister S Jaishankar also participated in the meeting, which took place in New Delhi. Its main objectives were to examine the status of bilateral projects and look into potential new areas of cooperation.