India and Russia Set Ambitious $100 Billion Trade Target by 2030

India and Russia aim to reach $100 billion in annual trade well before 2030, spurred by a steadily growing strategic partnership. Both countries recognize the need for balanced trade, addressing logistical and payment challenges, and leveraging opportunities within the Eurasian Economic Union FTA.

In a significant development, India is set to achieve a $100 billion trade milestone with Russia much ahead of the 2030 timeline, according to External Affairs Minister S Jaishankar. The announcement was made during the 25th India-Russia Intergovernmental Commission on Trade, highlighting deepening ties between the two countries.

Addressing challenges in payments and logistics, Jaishankar noted considerable progress, emphasizing the need for a more balanced trade relationship. Collaboration efforts like joint ventures in the 'Make in India' initiative and enhancing trade facilitations were highlighted as pivotal steps forward.

Russia has become a key supplier of fertilizers, crude oil, and coal to India, while India supplies affordable pharmaceuticals. The minister also stressed on vital connectivity projects and the strategic importance of mobility in talent and skills for both nations.

(With inputs from agencies.)