Agreed on using the full potential of India-Russia economic ties

India and Russia on Tuesday agreed to work on issues like trade deficit and market access for their economic ties to operate at their full potential. The two sides reviewed all aspects of economic relations during the meeting of the Inter-Governmental Commission on India-Russia Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC). The meeting was co-chaired by India’s External Affairs Minister S Jaishankar and Russia’s Deputy Prime Minister and Minister of Trade and Industry Denis Manturov.

Manturov was in India to attend the 24th session of IRIGC-TEC. He was accompanied by senior representatives of various ministries of Russia. After the Russo-Ukraine war, there has been a significant increase in bilateral trade between the two countries due to an increase in the purchase of crude oil from Russia at concessional rates by India. “The two sides reviewed bilateral trade and economic ties and agreed to work together to take them to full potential, including on trade deficit and market access issues,” the foreign ministry said in a statement.

A day before this, Jaishankar had expressed the need to urgently discuss India’s trade imbalance with Russia. Addressing the India-Russia trade talks on Monday, in the presence of Manturov, Jaishankar had said that finding a solution to the trade imbalance really meant talking about market access issues, non-tariff barriers and payment or logistics-related deadlocks. Jaishankar said that India-Russia trade between April 2022 and February 2023 was about $ 45 billion. India’s trade deficit with Russia widened significantly after buying huge quantities of crude oil at a discount.

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