100 billion dollars between India and Russia by 2030… Foreign Minister S. What is Jaishankar claiming?

New Delhi: Lauding the economic partnership between India and Russia, External Affairs Minister S Jaishankar said both economies benefit from trust and confidence built over many years. Foreign Minister S. Jaishankar on Tuesday said India is confident of taking the annual bilateral trade with Russia to US$100 billion before 2030 and a more solid relationship between the two countries would have a bigger resonance globally. he/she said the trade There have been challenges, especially with regard to payments and logistics, and these have been addressed to a large extent but there is still some work to be done. The External Affairs Minister said this at the meeting of the 25th India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC). Russia’s delegation at the meeting was led by its First Deputy Prime Minister Denis Manturov.

‘Our economies are not only many…’

The Foreign Minister said that the country welcomes and fully supports Russia’s growing interest in exploring economic opportunities in India. he/she said, ‘Not only do our economies complement each other in many respects, but both countries also benefit from mutual trust built over many years. Bilateral trade is now estimated to increase by US$66 billion and this is impressive.

“Our aim is to make it more balanced and this will require removing current barriers and making efforts more convenient,” he/she said. Along with ease of doing business, there should be progress in negotiations on India-Eurasian Economic Union Free Trade Agreement (FTA).

Russia impressed by ‘Make in India’ program

Jaishankar said India has noted Russia’s growing interest in the ‘Make in India’ program and this will lead to joint ventures and other forms of cooperation between the two sides. he/she said, ‘I am confident that we will achieve the trade target of US$ 100 billion by 2030… but even before that.’ On this occasion, the External Affairs Minister also underlined India’s impressive growth rate in the last few decades.

he/she said, ‘India faces several decades with at least 8 per cent growth… We clearly value having a reliable partner when it comes to resources, technology and best practices.’ Jaishankar also talked about Russia’s supply of fertilizers, crude oil and coal to India.

he/she said, ‘Russia has emerged as a major source of fertilizers for us. Its supplies of crude oil, coal and uranium are indeed significant. Similarly, India’s pharmaceutical industry has emerged as an economical and reliable source for Russia.

What did Russian Deputy Prime Minister Denis Manturov say?

First Deputy Prime Minister of Russia Denis Manturov also emphasized on the rapidly developing trade relations between India and Russia. he/she said, ‘Our country’s trade turnover has increased five times in the last five years. India now ranks second among all foreign economic partners of Russia.

“Among other things, we reaffirm our strong commitment to the signing of a free trade agreement between the EEU (Eurasian Economic Union) and India, as well as a bilateral agreement on services and investments,” Manturov said. “It perfectly meets the needs of our business community.”