Tue Nov 12 15:50:00 UTC 2024: ## India and Russia Aim for $100 Billion Trade by 2030, Focus on Expanding Cooperation
**New Delhi, India:** India and Russia are aiming to boost their bilateral trade to $100 billion by 2030, with both countries emphasizing expanding cooperation in various sectors.
The 25th session of the Inter-governmental commission on trade, economic, scientific, technological and cultural cooperation was held in New Delhi on Tuesday, co-chaired by India’s External Affairs Minister S Jaishankar and Russia’s First Deputy Prime Minister Denis Manturov.
The two countries highlighted the significant increase in trade over the past five years, with a fivefold jump and a 9% increase during the first eight months of the current year. The current trade volume stands at $60 billion.
Jaishankar expressed hope for further growth and a favorable balance of trade, while Manturov advocated for the conclusion of a Free Trade Agreement (FTA) between the Eurasian Economic Union (EAEU) and India, along with a bilateral agreement on services and investments.
The two sides also discussed expanding cooperation between Russian and Indian banks, given that settlements in national and alternative currencies have reached 90%. Manturov emphasized the importance of coordinating efforts in the transport sector, particularly expanding direct air traffic between the two countries by increasing flight frequency, developing route networks, and resuming flights of Indian air carriers.
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