India-Russia Trade Soars, Jaishankar Calls for Addressing the Trade Imbalance

External Affairs Minister S. Jaishankar announced that the trade in goods between India and Russia has increased dramatically, with a five-fold increase from USD 13 billion in 2021 to USD 68 billion in 2024-25. He emphasized the critical need to address the existing trade imbalance. Jaishankar’s remarks were made at the 26th Session of the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), a key platform for preparing the Annual Summit. He noted the accelerated pace of meetings between the two nations. While trade has expanded significantly, the trade imbalance has also widened, growing from USD 6.6 billion to USD 58.9 billion. Jaishankar highlighted the backdrop of a complex geopolitical landscape, underscoring the close engagement between leaders. The three-day visit includes meetings with Sergey Lavrov, the Russian Foreign Minister, discussions on bilateral agendas, and participation in the India-Russia Business Forum to further strengthen the strategic partnership.