India-Russia trade target of $100 bn realistic but urgent need for balance: Jaishankar

1 comment

1. **Submission Statement**

   India and Russia are striving toward an ambitious bilateral trade target of $100 billion by 2030, with current trade volume reaching $66 billion. Union External Affairs Minister S. Jaishankar has highlighted the need for a more balanced trade relationship, addressing regulatory and non-tariff barriers to foster equity. Russia’s First Deputy Prime Minister Denis Manturov, attending the India-Russia Business Forum, emphasizes enhanced economic cooperation amid Western sanctions, especially through discounted oil sales to India. Jaishankar underscored the importance of currency settlement arrangements, including Special Rupee Vostro Accounts, and mutual investments in sectors like energy and fertilizers. Key initiatives like the Bilateral Investment Treaty, INSTC, and India-Eurasian Economic Union trade negotiations aim to strengthen long-term partnerships.

Comments are closed.