India and Russia recently held the 25th session of the Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation in New Delhi. External Affairs Minister S Jaishankar and Russia’s First Deputy Prime Minister Denis Manturov co-chaired the session.
Trade Target of $100 Billion
Jaishankar expressed confidence in surpassing the bilateral trade target of $100 billion well before 2030, citing India’s rapid economic growth and its reliance on Russia for resources and technology.
Enhancing Collaboration: Make in India
Both nations are keen on expanding joint ventures under the Make in India initiative. Jaishankar noted significant progress in addressing trade challenges related to payments and logistics but emphasized the need for further efforts.
Boosting Connectivity Projects
Key connectivity projects like the International North-South Transport Corridor (INSTC) and the Chennai-Vladivostok corridor were highlighted. Both leaders agreed to push forward with these initiatives.
Talent Mobility and Skill Development
Discussions also focused on facilitating talent mobility, with customized skill programs for the Russian market seen as a mutual priority.
Expanding Air Traffic and Nuclear Cooperation
Manturov expressed Russia’s interest in increasing direct flights between the two countries and strengthening cooperation in the nuclear sector, including advancements at the Kudankulam Nuclear Power Plant.
Free Trade Agreement in the Works
The session underscored the importance of a Free Trade Agreement (FTA) between the Eurasian Economic Union (EAEU) and India. Manturov reaffirmed Russia’s commitment to finalizing the FTA to boost trade and investments.
Growing Bilateral Trade
Russia highlighted a remarkable fivefold increase in bilateral trade over the past five years, with India now being its second-largest trading partner globally.
Looking Ahead
The productive discussions aim to further enhance the strategic partnership between the two nations, setting the stage for robust economic growth and collaboration across various sectors.
