The minister, however, asked to overcome non-tariff barriers and regulatory bottlenecks to correct the bilateral trade imbalance, now too much for Moscow due to oil imports by New Delhi. Jaishankar was speaking at the India-Russia Business Forum in Mumbai.
“Our (India-Russia) bilateral trade is currently $66 billion. This makes the target of reaching $100 billion by 2030 more realistic,” Jaishankar said in the presence of Russian Deputy Prime Minister Denis Manturov. The two will meet on Tuesday for a joint commission meeting.
The $100 billion target was set by both countries during their annual leaders’ summit in July this year.
“But the balance of trade, needs to be corrected as soon as possible because it is one-sided. It is very important that non-tariff barriers and regulatory barriers are addressed quickly for this to happen,” Jaishankar said.
He also said that the two countries should find a solution that would give comfort to those involved in the trade. the main technology leader, will serve both and the world as well,” He said, suggesting an increase in the Indian workforce in Russia through business. “The emergence of the global workplace is also the day the reality increases.
“The demographic imbalance leads to an imbalance of demand and supply around the world. India and Russia can also be partners in this regard. It will require a focused initiative that organizes human resources for the Russian market. This is best done with the active participation of businesses,” he said.
Jaishankar also spoke about the importance and necessity of completing bilateral trade with Russia in local currency and insisted on giving momentum to three connectivity initiatives – INSTC, Vladivostok-Chennai maritime corridor and Northern Sea Route.
According to Jaishankar, the signing of a bilateral agreement between the customs authorities of India and Russia in May 2024 on Authorized Economic Operators, “has had a great impact on the smoothness of trade.”
Manturov, for his part, drew attention between Russia’s technological sovereignty and the “Make in India” program. Both initiatives are aimed at speeding up production, fostering innovation and removing infrastructure constraints.
“In Russia, according to the results of the eight months of this year, the volume of production increased by almost 8%. Investments in fixed assets show high dynamics. In the manufacturing industry, they grew by 25% in the first half of the year,” said Manturov, adding, “That is, the author Sanctions do not achieve goals. On the contrary, the vector of our country’s movement towards the development of sovereignty is only becoming clearer and more stable.
Manturov outlined the main technological areas that Russia is emphasizing. “…we are talking about the development of all types of transport. Including the introduction of unmanned technology and the transfer of vehicles to alternative fuels. Our special focus is a series of large-scale energy initiatives. Considering the potential development of the nuclear sector, the production of high-power turbines, equipment for solar generation and wind, and improvements in LNG technology.
Among other priorities is the health system with advanced drugs and medical products as well as strengthening Russia’s leading position in the field of nuclear medicine, in the production of vaccines and the development of the cellular engineering segment; increase agricultural productivity; technologies for the transition to a closed cycle economy and space services. The guest minister also focused on the partnership between SMEs and the proposal to create a “Single Export Channel” system.
