'Trade between India and Russia increased five times in four years', S Jaishankar said in Moscow - Trade imbalance should be removed soon

News Topical, Digital Desk : Amid rising tensions between India and the US, S Jaishankar is currently in the Russian capital Moscow. Here he attended the IRIGC annual summit.

Meanwhile, External Affairs Minister S Jaishankar has said that bilateral trade in goods between India and Russia is set to grow more than five times from US$ 13 billion in 2021 to US$ 68 billion in 2024-25, and the trade imbalance must be addressed urgently.

Speaking at the 26th session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), S Jaishankar said the IRIGC is an important mechanism for preparing for the annual summit, which is expected to be held by the end of this year.

Our bilateral trade has increased more than five times- Jaishankar

Jaishankar said that we are meeting here almost 10 months after the last session in New Delhi in November 2024, and I think this is probably the shortest gap ever between the two sessions. In the last four years, as you would have seen, our bilateral trade in goods has grown more than five times. It has increased from US $ 13 billion in 2021 to US $ 68 billion in 2024-25 and it is growing steadily.

A big trade imbalance has also come - Jaishankar

He further said that however, this growth has also brought a huge trade imbalance, it has increased from US $ 6.6 billion to US $ 58.9 billion, which is almost nine times. So we need to pay immediate attention to this. He said that this meeting is taking place against the backdrop of a complex geopolitical situation and the leaders of the two countries are constantly and closely connected with each other.

Jaishankar met the First Deputy Prime Minister of Russia

External Affairs Minister S Jaishankar on Wednesday said India and Russia must adopt creative and innovative approaches to address complex geopolitical challenges, amid growing tensions in India's ties with Washington over its purchase of Russian crude oil. Jaishankar made the remarks during a meeting with Russian First Deputy Prime Minister Denis Manturov in Moscow.

Read More: 'Trade between India and Russia increased five times in four years', S Jaishankar said in Moscow - Trade imbalance should be removed soon