Tue Nov 12 20:51:57 UTC 2024: ## India and Russia Aim for $100 Billion Trade by 2030, Despite Challenges

**New Delhi, November 12, 2024:** India and Russia are aiming for a significant boost in bilateral trade, with the goal of reaching $100 billion by 2030. This ambitious target was announced by External Affairs Minister S. Jaishankar and Russian First Deputy Prime Minister Denis Manturov at the 25th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation in New Delhi.

While acknowledging existing challenges in trade, particularly regarding payments and logistics, both leaders highlighted the progress made in recent years. Trade turnover between the two countries has increased more than fivefold in the last five years, with India now Russia’s second-largest foreign economic partner.

The focus on strengthening trade ties comes despite ongoing geopolitical tensions stemming from the war in Ukraine and the subsequent sanctions imposed on Russia. Both sides are actively working to facilitate trade in local currencies, including the use of Rupee-Rubble transactions and Vostro accounts.

Areas of potential cooperation discussed during the session included:

* **Connectivity:** Expanding the International North-South Transport Corridor, the Chennai-Vladivostok Corridor and the Northern Sea Route.
* **Food, Energy, and Health Security:** India has become a major recipient of Russian fertilizers, while Russia relies on India’s pharmaceutical industry.
* **Nuclear Cooperation:** Expanding on the existing cooperation, including the successful Kudankulam Nuclear Power Plant project.
* **Transportation:** Increasing direct air traffic between the two countries, with a focus on expanding the route network and resuming flights by Indian carriers.
* **Manufacturing:** Joint production of high-speed electric trains for Indian Railways under the “Make in India” initiative.

The two sides also discussed the signing of a Free Trade Agreement between the Eurasian Economic Union (EEU) and India, along with a bilateral agreement on services and investments.

Both leaders expressed confidence that the discussions would further strengthen the strategic partnership between India and Russia.

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