Bilateral Boost: India and Russia Target $100 Billion Trade

India and Russia aim to increase trade turnover by 50% over five years to $100 billion, planning to lower tariffs amid growing tensions with the US, The Gaze reports, citing Bloomberg.

Indian Foreign Minister Subrahmanyam Jaishankar said on Wednesday during a three-day visit to Moscow for the annual bilateral dialogue that both countries should remove trade barriers and reduce non-tariff barriers to increase trade. 

Currently, Russia is India's fourth-largest trading partner, while India is Russia's second-largest, underscoring the importance of this cooperation. Jaishankar's visit is part of a series of diplomatic moves by the BRICS founding countries aimed at strengthening cooperation amid global uncertainty.

In this context, he noted that the two countries continue to maintain close and stable relations.

“We are all acutely aware that we are meeting in the backdrop of a complex geopolitical situation. Our leaders remain closely and regularly engaged,” he said.

Furthermore, the Indian Foreign Minister has called on both countries to diversify trade, expand joint ventures, and coordinate more frequently to resolve trade and payment difficulties.

By strengthening its relations with Russia and China, India is defending its right to purchase cheap Russian oil, which helps to curb domestic inflation, despite the threat of high tariffs from the US. 

For example, Prime Minister Narendra Modi has called President Putin a “friend” and is planning his first visit to Beijing in seven years at the end of August. 

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