Trade turnover between India and Russia exceeded $35 billion, says Russian trade minister Denis Manturov New Delhi: Visiting Russian Minister of Trade and Industries and Deputy PM, Denis Manturov on Tuesday said that trade turnover between India and Russia exceeded $35 billion. This was stated by Manturov at the 24th Intergovernmental Russia-India Commission meeting held at Sushma Swaraj Bhawan in New Delhi.
The Indian delegation was led by the External Affairs Minister Dr. S Jaishankar. During the meeting, the parties considered issues of bilateral cooperation in the field of trade, finance, industry, and energy, including nuclear power, agriculture, transport, healthcare, education, and culture. The Russian trade minister reiterated that the relations between Russia and India continue to progressively develop in all directions. He noted that in 2022, despite negative external factors, positive dynamics in Russian-Indian trade continued.
With India continuing to purchase Russian oil, the trade relations between India and Russia have been flourishing ever since the Russia-Ukraine war began. "According to last year's results, the trade turnover between our countries increased by 2.6 times, exceeding $35 billion. We have completed ahead of schedule the task set by the leaders of our countries to reach the level of bilateral trade in the amount of 30 billion US dollars by 2025", said Denis Manturov.
Following the meeting, Manturov and Jaishankar signed the final protocol of the 24th meeting of the Russian-Indian IGC. Later, the Russian trade minister called on Finance Minister Nirmala Sitharaman and discussed the Rupee-Ruble trade and emphasized that it is beneficial for both countries and will secure trade between the two nations.
On Monday, Russia and India planned to intensify negotiations to conclude a free trade agreement. During his meeting with Jaishankar and representatives of the Russian and Indian business forum on Monday, Manturov said that particular importance is attached to the issues of mutual access of products to the markets of both countries.
"Together with the Eurasian Economic Commission, it is planned to intensify negotiations with India to conclude a free trade agreement", added Manturov. Meanwhile, EAM Jaishankar said the government was in advance agreement with Russia on a trade treaty that would bring a guarantee of bilateral investment and bolster commercial and trade ties that have been flourishing since the Russia-Ukraine war. India has not openly criticized Russia for the invasion given its strong defense cooperation. Russia is India's largest and oldest military equipment supplier.
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