Tue Nov 12 23:23:11 UTC 2024: ## India and Russia Pledge to Strengthen Economic Ties, Target $100 Billion Trade by 2030

**New Delhi, India** – India and Russia have reaffirmed their commitment to boosting economic cooperation, aiming to achieve a bilateral trade target of $100 billion by 2030. This was announced following a meeting of the India-Russia Inter-governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) on Tuesday, co-chaired by India’s External Affairs Minister S Jaishankar and Russia’s First Deputy Prime Minister Denis Manturov.

Key highlights of the meeting include:

* **Free Trade Agreement (FTA) commitment:** Russia reiterated its commitment to signing the FTA between India and the Eurasian Economic Union (EAEU), which includes Russia, Belarus, Armenia, Kazakhstan, and Kyrgyzstan. This agreement is expected to open new markets for Indian exporters in sectors like engineering goods, electronics, and agriculture.
* **Bilateral services and investment agreement:** Both countries agreed to finalize a bilateral agreement on services and investments, a move aimed at further enhancing economic engagement.
* **Balanced trade focus:** While acknowledging India’s confidence in achieving the $100 billion trade target ahead of schedule, Jaishankar stressed the need for a more balanced trade relationship. He highlighted the current trade imbalance, with India facing a significant deficit due to Russia’s discounted oil supplies.
* **Addressing trade challenges:** Both sides acknowledged the ongoing challenges related to payments and logistics, primarily due to sanctions imposed on Russia by Western nations. They agreed to work together to address these issues and facilitate smoother trade flows.
* **Strategic cooperation:** The meeting also emphasized the importance of ongoing connectivity projects like the International North-South Transport Corridor, the Chennai-Vladivostok Corridor, and the Northern Sea Route, which are seen as crucial for strengthening bilateral ties and regional integration.

Manturov, during his two-day official visit to India, met with Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, and National Security Advisor Ajit Doval, further strengthening the commitment to deepening economic cooperation between the two countries.

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