Moscow: External Affairs Minister S Jaishankar on Thursday called on Russian companies to deepen engagement with Indian partners, stressing that rising trade figures alone will not suffice unless Moscow opens its market wider for Indian goods.
Speaking in Moscow alongside Russia’s First Deputy Prime Minister Denis Manturov, Jaishankar urged both sides to diversify their trade basket, remove bottlenecks, and explore new areas of cooperation. “Doing more and doing differently should be our mantra,” he said in his opening remarks.
Highlighting priorities for trade expansion, he listed tariff and non-tariff barriers, logistics bottlenecks, connectivity through the International North-South Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok Corridor, as well as smoother payment systems. He also confirmed that both sides had finalized the terms of reference for a Free Trade Agreement, calling it a significant step forward.
India-Russia trade has surged from USD 13 billion in 2021 to USD 68 billion in 2024–25, driven largely by Indian imports of Russian hydrocarbons. The Russian Embassy in New Delhi put the growth at 700 per cent over five years. But Jaishankar flagged the ballooning imbalance, with India’s trade deficit widening from USD 6.6 billion in 2021 to nearly USD 59 billion this year. “We need to address that urgently,” he stressed.
Later at the India-Russia Business Forum, Jaishankar pressed Russian firms to invest in India and forge joint ventures. “An enduring strategic partnership must have a strong and sustainable economic component. In this context, I called on our businesses to do more trade, contemplate more investments, joint ventures, and open new frontiers of economic cooperation,” he posted on X. He urged businesses to move beyond the “beaten track” by diversifying, setting targets and timelines, and strengthening links between the forum and IRIGC working groups.
The discussions came against the backdrop of fresh strain in India-US ties after President Donald Trump doubled tariffs on Indian goods to 50 per cent, including a 25 per cent penalty over New Delhi’s continued imports of Russian crude. The White House said the move was aimed at pressuring Moscow by limiting its trade partners.
Without directly mentioning Washington, Jaishankar noted the talks were being held “in the backdrop of a complex geopolitical situation” but underlined that India and Russia remained “closely and regularly engaged” at the leadership level.
Jaishankar is on a three-day visit to Russia to consolidate what both countries continue to call their “time-tested” strategic partnership.