Last Updated:
S Jaishankar emphasized the evolving India-Russia partnership, noting rapid trade growth and the need to address the trade imbalance.
EAM S Jaishankar (PTI file photo)
External Affairs Minister S Jaishankar underscored the evolving dynamics of the India- Russia partnership, describing it as both a consolidation of “time-tested” ties and an exploration of new opportunities. Speaking in Moscow at the 26th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), S Jaishankar said the relationship was adapting to changes in both economies as well as global uncertainties.
“We are today at a moment when our partnership is simultaneously experiencing consolidation as well as exploring new dimension opportunities,” S Jaishankar said, adding, “At one level, there is a solid foundation of a time-tested relationship on which we now seek to build more contemporary cooperation. But at another, there are profound changes in our respective economies as well as the uncertainties created by the global environment.”
Recommended Stories
India–Russia Trade: Growth And Imbalance
Highlighting trade trends, S Jaishankar pointed to the rapid expansion of bilateral commerce in recent years. He noted, “Over the last four years, our bilateral trade in goods has increased more than five-fold- from USD 13 billion in 2021 to USD 68 billion in 2024–25- and it continues to grow.” However, he cautioned that this growth has been accompanied by a sharp imbalance, adding, “The deficit has risen from USD 6.6 billion to USD 58.9 billion, almost nine times higher. So we need to address that urgently.”
He underlined that the solution lay in the “complementary nature” of both economies, suggesting greater efforts to expand Indian exports and diversify trade beyond energy and raw materials.
Strengthening Strategic Partnership
S Jaishankar’s visit to Moscow comes at a time when New Delhi and Moscow are seeking to reinforce their long-standing partnership amid shifting global alignments owing to tariffs imposed by US President Donald Trump. The minister emphasized that while the traditional pillars of cooperation remain strong, both countries must now adapt to “contemporary cooperation” in sectors ranging from energy and technology to pharmaceuticals and agriculture.
- Location :
Moscow, Russia
Loading comments…
Read More
