The minister also asked to overcome non-tariff barriers and regulatory bottlenecks to correct the bilateral trade imbalance, currently overwhelming for Russia due to oil imports from India. Jaishankar was speaking at the India-Russia Business Forum in Mumbai.
“Our bilateral trade is at $66 billion. This makes the goal of reaching $100 billion in 2030 more realistic,” Jaishankar said in the presence of Russian Deputy Prime Minister Denis Manturov.
The $100 billion target was set by the two countries during the leaders’ annual summit in July.
“The balance of trade, however, needs urgent redressal because it is one-sided. It is important that non-tariff barriers and regulatory impediments are quickly addressed for this to happen,” Jaishankar pointed out.
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Manturov, for his part, drew attention between Russia’s technological sovereignty and the “Make in India” program.
