India and Russia crossed bilateral trade target of 30 billion dollars before target 2025: MEA Dr S Jaishankar

New Delhi, Apr 18:-- External Affairs Minister Dr S Jaishankar today said that India Russia partnership is a subject of attention and comment today because it has not changed. Addressing the India-Russia Business Dialogue 2023 in New Delhi this afternoon, Dr Jaishankar underlined that it has been among the steadiest of the major relationships of the world in the contemporary era. Russian Deputy Prime Minister Denis Manturov was also present on the occasion. The External Affairs Minister stressed the need to address the trade imbalance. He said that India and Russia have crossed the bilateral trade target of 30 billion dollars before the target year of 2025. He pointed out that these new volumes have created a trade imbalance.

The External Affairs Minister spoke about the importance of connectivity initiatives. He said the International North-South Transport Corridor as well as the Eastern Maritime Corridor, which is the Chennai-Vladivostok Corridor, are being given due consideration. He said the payments issue clearly needs to be worked through and it will be discussed during the Inter-Governmental discussions tomorrow. He mentioned the expansion of the correspondent relationship network, under the scheme of International Trade Settlement in Indian Rupees through the Special Rupee Vostro Account system.

Russian Deputy Prime Minister Denis Manturov, who is also the Trade Minister on Monday said that they are discussing a free trade agreement, FTA, with India.  Mr Manturov said that India and Russia pay special attention to the issues of mutual access of production to the markets in the two countries. He said that Russia and Eurasian Economic Commission are looking forward to intensifying negotiations on a free trade agreement with India.

Foreign Affairs Minister Dr S Jaishankar hoped that both countries will pick up on the issue as it will make a real difference to the trade relationship between the two countries.