USD 100 Billion Bilateral Trade with Russia by 2030 Is Realistic, Says EAM Jaishankar

Mumbai: Speaking at India-Russia Business Forum in Mumbai, Indian Minister of External Affairs Dr S Jaishankar said by 2030 India-Russia bilateral tre will cross USD 100 billion

He said, “Our bilateral tre is today at USD 66 billion. This makes goal of reaching USD 100 billion by 2030 more than realistic. balance of tre however needs urgent redressal since it is so one-sided. It is imperative that n-tariff barriers and regulatory impediments are speedily dressed for this to happen. 

India-Eurasian Ecomic Union tre-in goods negotiations commenced in March this year. We need to vigorously take it forward.”

minister outlined ten critical areas of development that signal a promising trajectory for strengning bilateral tre and investment relations between two countries.

Highlighting vision set forth by leers of India and Russia, Jaishankar underlined opportunities for deeper ecomic engment, aiming for a Comprehensive Ecomic Partnership by 2030.

Jaishankar emphasized importance of accelerating negotiations on a Bilateral Investment Treaty to bolster investor confidence.
Mutual settlement of tre in national currencies has been prioritized amid global financial shifts. 

Special Rupee Vostro Accounts have been set up as an effective mechanism, and Jaishankar stressed need for a more balanced tre supported by se currency settlements.

May 2024 bilateral agreement on Authorized Ecomic Operators between Indian and Russian customs authorities has me a positive impact on tre facilitation and ease of business, according to Jaishankar.

He emphasized continued development of three major connectivity corridors -- International rth-South Transport Corridor (INSTC), Chennai-Vlivostok Maritime Corridor, and rrn Maritime Route -- which are vital for enhancing logistical networks between two nations.

He said, “ three connectivity initiatives between us, as mentioned by First DPM as well - INSTC, Chennai-Vlivostok Corridor and rrn Maritime Route - all need continued attention, if we are to realize full potential.”

Beyond tre, he also emphasized importance of collaborative efforts in sectors such as education and film, which he sees as instrumental in forging a broer cultural and ecomic bond between India and Russia.

He said, “A growing Russian appreciation of Make In India as a program to deepening business will certainly help take forward our cooperation in many many domains. Importance of n-ecomic domains, such as education and film as contributions to a larger societal but also Ecomic connect between us.”

Jaishankar underscored that se developments are in line with leers' vision for a robust ecomic partnership, reflecting goals of Annual Summit.

He revealed that work on a Programme of Ecomic Cooperation till 2030 is alrey underway, tasked with creating a sustainable framework for growth.

While expressing optimism, Jaishankar ackwledged some challenges, including banking and payment-related issues, logistical hurdles in shipping, insurance and reinsurance, and market access.

He urged both governments to focus on creating solutions that would dress se concerns to meet comfort levels of businesses engd in bilateral tre.