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The past few years have seen a strengthening of trade and economic ties between India and Russia
External Affair Minister S Jaishankar began a five-day visit to Russia on Monday (December 25, 2023) as a part of the ongoing high-level exchanges between the two sides.
According to the Ministry of External Affairs (MEA), during his visit from December 25-29, 2023, EAM Jaishankar will meet Russian Deputy Prime Minister and Minister of Industry and Trade Denis Manturov to discuss matters related to economic engagement.
EAM Jaishankar will also meet his counterpart, Foreign Minister Sergey Lavrov, for discussion on bilateral, multilateral and international issues.
Focusing on the strong people-to-people and cultural ties between the two countries, EAM Jaishankar’s programme will include engagements in Moscow and in St. Petersburg.
“The time-tested India-Russia partnership has remained stable and resilient and continues to be characterized by the spirit of the Special and Privileged Strategic Partnership,” the MEA stated.
EAM Jaishankar’s visit comes amid strengthening trade and economic ties between India and Russia over the past few years.
EAM Jaishankar and Russian Deputy PM Manturov co-chair the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC). The panel met in New Delhi in April this year to review different facets of the trade and economic relationship; both sides agreed to unlock its full potential by addressing key issues including market access.
Speaking at the India-Russia Business Dialogue in New Delhi on April 17, 2023, EAM Jaishankar pointed out that the two sides had crossed the bilateral trade target of USD 30 billion before the year 2025, which was the target year set by the leaderships. "For the period April, 2022 - February, 2023, I understand that the trade is actually about USD 45 billion and the expectation is that this will continue to grow," he stated.
In addition to trade and economic ties, 2023 also saw a significant initiative for maritime cooperation between the two nations. They are looking at a collaborative effort to explore new transport corridors, particularly the Northern Sea Route and the Eastern Maritime Corridor that connects Vladivostok to Chennai.
India's Minister for Ports, Shipping and Waterways Sarbananda Sonowal and Russia's Minister for the Development of the Far East and Arctic AO Chekunkov discussed the issue during a meeting in Vladivostok, Russia on September 13, 2023.
Speaking at an event in Moscow on October 26, 2023, Russian President Vladimir Putin acknowledged that the "future belongs to India" and hailed Prime Minister Narendra Modi as a "patriot" who always defends India's interests. Expressing his appreciation for India's progress from "being a British colony to a modern state," he remarked, "Almost 1.5 billion people and tangible development results give reasons for everyone's respect and admiration for India”.
According to the Ministry of External Affairs (MEA), during his visit from December 25-29, 2023, EAM Jaishankar will meet Russian Deputy Prime Minister and Minister of Industry and Trade Denis Manturov to discuss matters related to economic engagement.
EAM Jaishankar will also meet his counterpart, Foreign Minister Sergey Lavrov, for discussion on bilateral, multilateral and international issues.
Focusing on the strong people-to-people and cultural ties between the two countries, EAM Jaishankar’s programme will include engagements in Moscow and in St. Petersburg.
“The time-tested India-Russia partnership has remained stable and resilient and continues to be characterized by the spirit of the Special and Privileged Strategic Partnership,” the MEA stated.
EAM Jaishankar’s visit comes amid strengthening trade and economic ties between India and Russia over the past few years.
EAM Jaishankar and Russian Deputy PM Manturov co-chair the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC). The panel met in New Delhi in April this year to review different facets of the trade and economic relationship; both sides agreed to unlock its full potential by addressing key issues including market access.
Speaking at the India-Russia Business Dialogue in New Delhi on April 17, 2023, EAM Jaishankar pointed out that the two sides had crossed the bilateral trade target of USD 30 billion before the year 2025, which was the target year set by the leaderships. "For the period April, 2022 - February, 2023, I understand that the trade is actually about USD 45 billion and the expectation is that this will continue to grow," he stated.
In addition to trade and economic ties, 2023 also saw a significant initiative for maritime cooperation between the two nations. They are looking at a collaborative effort to explore new transport corridors, particularly the Northern Sea Route and the Eastern Maritime Corridor that connects Vladivostok to Chennai.
India's Minister for Ports, Shipping and Waterways Sarbananda Sonowal and Russia's Minister for the Development of the Far East and Arctic AO Chekunkov discussed the issue during a meeting in Vladivostok, Russia on September 13, 2023.
Speaking at an event in Moscow on October 26, 2023, Russian President Vladimir Putin acknowledged that the "future belongs to India" and hailed Prime Minister Narendra Modi as a "patriot" who always defends India's interests. Expressing his appreciation for India's progress from "being a British colony to a modern state," he remarked, "Almost 1.5 billion people and tangible development results give reasons for everyone's respect and admiration for India”.
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