Need to lower trade barriers, India urges Russia

India has expressed urgency in expanding the bilateral trade with Russia to reach the targeted $100 billion mark by 2030 while seeking removal of trade barriers for trading Indian goods.

This comes in the backdrop of 50% duties on India goods entering the US, indicating that New Delhi was exploring alternatives.

Lowered trade barriers and improvement of logistics needs to be part of widening of the relationship, External Affairs Minister S Jaishankar, said at a meeting is in Russia today. The minister was making his opening remarks at the 26th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), in Moscow.

The minister laid out a roadmap to elevate bilateral economic engagement between the two nations. He referred to the dramatic growth in the bilateral trade over the past four years that surged from $13 billion in 2021 to $68 billion in 2024–25. This has led to a significant trade imbalance, which ballooned from $6.6 billion to $58.9 billion. “This is about nine times,” he noted, “and we need to address that urgently.”

Jaishankar outlined a comprehensive agenda aimed at correcting the imbalance and accelerating progress toward the revised trade target of $100 billion by 2030. Laying down priorities, Jaishankar suggested removing tariff and non-tariff barriers, streamlining logistics and connectivity, finalising the programme of economic cooperation till 2030.

He sought a conclusion of the India-Eurasian economic union free trade agreement, whose terms of reference were finalized during the session of the IRIGC-TEC.

The Minister suggested connectivity through the International North-South Transport Corridor, the Northern Sea Route, and the Chennai-Vladivostok Corridor.

Jaishankar then urged the various working groups to adopt innovative strategies tailored to the evolving geopolitical and economic landscape. He listed joint ventures, skilling of youth , mobility of workers and trade diversification for collaboration.

As India and Russia navigate a shifting global order, the 26th IRIGC-TEC session stands as a testament to their enduring strategic partnership — and a call to action for deeper, more balanced, and innovative economic cooperation, said the Minister.

“It’s our work, it’s what we deliver that really drives the relationship between India and Russia,” he said,