AMN / WEB DESK
INDIA’S External Affairs Minister Dr. S. Jaishankar has highlighted the remarkable surge in India-Russia trade while cautioning that the widening imbalance in the partnership needs urgent redressal. Addressing the 26th Session of the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC) in Moscow, Jaishankar underlined both the opportunities and challenges of the evolving economic relationship.
According to official figures, bilateral trade in goods has jumped more than five times in just four years, soaring from USD 13 billion in 2021 to USD 68 billion in 2024–25. However, the trade imbalance has also widened sharply, ballooning from USD 6.6 billion to USD 58.9 billion, a nearly nine-fold increase.
“While we can be encouraged by the impressive growth in bilateral trade, the imbalance it has created is unsustainable and needs urgent attention,” Jaishankar said.
Strategic Partnership Under Close Leadership Guidance
Jaishankar stressed that the IRIGC-TEC has become a vital platform to coordinate bilateral priorities and prepare the ground for the Annual India-Russia Summit, which is expected later this year.
“This is perhaps the shortest interval between two sessions we have ever had, reflecting the intensity of our engagement,” he said, noting that the meeting comes against a backdrop of a “complex geopolitical environment.”
He reaffirmed that leaders of both countries remain “closely and regularly engaged,” pointing to two in-person meetings between Prime Minister Narendra Modi and President Vladimir Putin in 2024, underscoring their personal commitment to steering the Special and Privileged Strategic Partnership.
Three-Day Diplomatic Visit: Focus on Trade and Global Issues
The External Affairs Minister is currently on a three-day visit to Russia, with a packed agenda. Apart from co-chairing the IRIGC-TEC, Jaishankar will:
- Address the India-Russia Business Forum in Moscow, aimed at deepening private sector cooperation.
- Hold talks with Russian Foreign Minister Sergey Lavrov, reviewing the full spectrum of bilateral ties and exchanging perspectives on key regional and global developments, including energy security, connectivity, and the evolving multipolar world order.
The Road Ahead: Balancing Trade, Expanding Cooperation
India’s imports of discounted Russian crude oil have been a major driver of the trade surge, but the imbalance stems from a heavy reliance on energy purchases with limited Indian exports in return. Officials suggest that diversifying trade into sectors such as pharmaceuticals, engineering goods, IT services, agriculture, and textiles could help narrow the gap.
Analysts note that addressing structural issues in trade, while leveraging opportunities in technology, defense cooperation, and cultural exchanges, will be key to maintaining long-term balance in the partnership.
