He hoped that the two sides would also be able to address the trade deficit and market access issues

India and Russia are on track to achieve a target of 30 billion dollars in terms of the annual trade turnover, External Affairs Minister S Jaishankar said in Moscow on Tuesday.

At the same time, he expressed the hope that the two sides would also be able to address the trade deficit and market access issues.

Speaking at the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation (IRIGC-TEC) meeting, he attributed this to the steady cooperation between the two countries.

"That is partly due to the preparations and discussions which we have had between us in the last few years. Our economic cooperation is moving towards long-term stability, but this needs to be balanced if it is to be sustainable. These issues are at the core of our talks today," EAM Jaishankar explained.

Russia is represented at the IRIGC-TEC by Deputy Prime Minister and Minister of Trade and Industry Denis Manturov.

Expressing confidence that the two sides would be successful in realizing the optimum potential of their trade and economic relations, EAM Jaishankar hoped that they would also be able to address the trade deficit and market access issues.

According to him, the two countries have a long tradition of close cooperation and friendship which is reflected in the Special and Privileged Strategic partnership.

"We have maintained regular contacts and high-level exchanges, including at the highest level," he added.

EAM Jaishankar is visiting Russia with a delegation comprising of senior representatives of 7 different ministries for substantive discussions on various issues and to chart the future course of action.

"I hope you will take that as proof of our seriousness," he remarked.

The Indian External Affairs Minister also had a bilateral meeting with Russian Foreign Minister Sergey Lavrov.