“The India-Russia partnership has consistently demonstrated resilience and adaptability. Even amidst a complex international landscape, our engagement has continued to deepen, reflecting the mutual interests and confidence that define our bilateral partnership,” he said in his opening remarks during the 27th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) in Moscow.
“Over the last five years, bilateral trade in goods between both countries has increased more than four-fold — from about USD 13 billion in 2021-22 to nearly USD 60 billion in 2025-26. This demonstrates the immense potential of the economic partnership. The rapid expansion of trade has been accompanied by a significant widening of the trade imbalance,” Jaishankar said.
“Progress on market access, removal of tariff and non-tariff barriers, strengthening payment mechanisms, and stronger business-to-business engagement will be critical for addressing this imbalance and achieving the shared objective of USD 100 billion in bilateral trade by 2030,” he said.
Jaishankar also put forth proposals for strengthening the effectiveness of the IRIGC-TEC mechanism.
“Going forward, the effectiveness of our efforts should increasingly be measured by the outcomes we deliver. Each Working Group must prioritize deliverables to be achieved before the next Session and actively engage in problem – solving,” he said.
Jaishankar said institutional mechanisms should remain closely aligned with the priorities of industry.
“Regular interaction with businesses and industry associations will help us identify practical bottlenecks, improve policy responsiveness and ensure that discussions remain relevant, action-oriented and commercially meaningful. The holding of INNOPROM in India in the coming weeks is a very good signal in that regard,” he pointed out.
“The complicated international scenario will constantly throw up fresh ideas because we are all focused on derisking and diversifying. Economic demands and technology requirements will add to this mix. Our fundamental complementarity still remains under-explored. But even the last few years have seen progress in realizing this potential and we must take that forward,” Jaishankar said.
