External Affairs Minister S. Jaishankar announced a significant increase in bilateral trade between India and Russia, noting a more than five-fold rise from USD 13 billion in 2021 to USD 68 billion in 2024-25. He emphasized the need to address the accompanying trade imbalance. Jaishankar made these remarks at the 26th Session of the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), highlighting its importance in preparing for the upcoming Annual Summit. The meeting, held after a short interval, underscored the rapid growth in trade, while also acknowledging a substantial increase in the trade imbalance from USD 6.6 billion to USD 58.9 billion, a nearly nine-fold jump. Jaishankar stated that the meeting took place amidst a complex geopolitical landscape, with leaders of both countries maintaining close engagement and providing strategic guidance. During his three-day visit to Russia, Jaishankar will co-chair IRIGC-TEC, address the India-Russia Business Forum, and meet with Russian Foreign Minister Sergey Lavrov to discuss bilateral agendas and global issues, aiming to strengthen the strategic partnership.
