Wed Nov 13 07:17:30 UTC 2024: ## India and Russia Aim for USD 100 Billion Trade Target by 2030

**New Delhi, India:** India and Russia are aiming for a significant boost in their bilateral trade relationship, aiming to reach a trade target of USD 100 billion by 2030. This ambitious goal was announced during the 25th meeting of the India-Russia Intergovernmental Commission, co-chaired by India’s External Affairs Minister S Jaishankar and Russia’s First Deputy Prime Minister Denis Manturov.

The meeting, held in New Delhi, saw discussions on a wide range of areas including trade cooperation, facilitating the mobility of talent and skills, and deepening collaboration on projects like the International North-South Transport Corridor (INSTC) and the Chennai-Vladivostok corridor.

Jaishankar emphasized India’s high growth trajectory and the importance of a reliable partner like Russia, particularly in terms of resources, technology, and best practices. He noted the increasing interest from Russian businesses in the “Make in India” program and encouraged joint ventures and other forms of collaboration.

Manturov, on his part, stressed Russia’s commitment to signing a Free Trade Agreement between the Eurasian Economic Union and India, which he said would benefit both countries’ business communities. He also highlighted Russia’s interest in expanding direct air traffic between the two nations, currently limited to flights operated by Aeroflot, and expressed a desire for Indian airlines to resume operations between the countries.

The two leaders also discussed the need for collaboration in the nuclear energy sector, particularly the successful Kudankulam Nuclear Power Plant project, and the potential for joint production of high-speed electric trains for Indian Railways as part of the “Make in India” initiative.

Over the past five years, bilateral trade between India and Russia has grown more than fivefold, with India now being Russia’s second largest foreign economic partner. This upward trend continues this year, signaling a positive outlook for the bilateral trade relationship.

The meeting concluded with a joint statement expressing confidence that the discussions will contribute significantly to the progress and direction of the India-Russia strategic partnership.

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