00:00I'm delighted to join you, delegations of both countries, for the 26th session of the India-Russia Intergovernmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation.
00:16We are meeting here after about 10 months, since the last session in November 2024 in New Delhi, and I think this is perhaps the shortest intervals between two sessions that we've ever had.
00:34Over the last four years, Excellency, our bilateral trade in goods has increased, as you have noted, from more five-fold, from $13 billion in 2021 to $68 billion in 2024-2025, and it continues to grow.
00:54However, a major trade balance has accompanied the growth. It has increased from $6.6 billion to $58.9 billion, which is about nine times.
01:07So, we need to address that urgently.
01:11Today, as we meet, allow me to lay out some of the salient features of the agenda before us, addressing tariff and non-tariff trade barriers.
01:24Removing bottlenecks in logistics, promoting connectivity to the international north-south transport corridor, the northern sea route, and the Chennai-Vladivostok corridor, affecting payment mechanisms smoothly,
01:41timely, timely finalization and execution of the program of economic cooperation until 2030,
01:49the early conclusion of the India-European-Eurasian Economic Union, FTA, whose terms of reference were finalized today,
01:58and regular interaction between the businesses of the two countries, these are among the key elements.
02:07They will not only help to address the imbalance and grow our trade, but also hasten the timely achievement of our revised trade target of $100 billion by 2030.
02:20Colleagues, we are all acutely aware that we are meeting in the backdrop of our complex geopolitical situation.
02:33Our leaders remain closely regularly engaged.
02:36They provide us wise and practical guidance to our special and privileged strategic partnership.
02:43We have had two in-person meetings last year, and are personally committed to further advancing our strategic partnership.
02:53Today, as we meet here for the IRIGCTUC, allow me to make some suggestions on how we can improve our efficiency
03:03and rise to the occasion of deepening our economic cooperation.
03:10One, the various working groups and subgroups could perhaps take a more creative and innovative approach towards their respective agendas.
03:22The challenges posed by the larger landscape that I mentioned require us to do so.
03:28And this should be done in a manner in which it works for both sides.
03:34So when we speak today, as you did, Excellency, of the smoothness of settlements, of better logistics, of diversifying our trade basket,
03:43of creating more joint ventures, of moving on skilling and mobility,
03:49these are some of the areas, some examples of what we need to focus on more effectively.
03:55Second, we should continuously diversify and expand our agenda through mutual consultation.
04:04It should help to tap into the full potential of our trade and investment ties.
04:09We should not get stuck on the beaten track.
04:12Doing more and doing differently should be our mantras.
04:16Third, I would urge that we set ourselves some quantifiable targets and specific timelines
04:27so that we challenge ourselves to achieve more, perhaps even surpass what we set out to do.
04:35Each working group and each subgroup could apply itself to setting of targets
04:40and see what we could achieve at the next session of the IRIGCTEC.
04:46For example, if we are looking at trade barriers, could we pick a certain number and make a commitment?
04:53If we have agreed to a certain proposal, can we set a firm timeline for that?
04:58So, I believe that each working group and subgroup should include at least one possible target
05:05and pursue it with full tenacity.
05:09So, we could, I would suggest for your consideration,
05:13that we should have at least two intersessional meetings between the IRIGCT sessions.
05:21We could also do a virtual midterm review with all the co-chairs like we did in 2023.
05:29It will certainly help us to take corrective measures and come up with adjustments which are required.
05:38To make that happen, I think it would also be useful if each one designate a clearinghouse
05:44for the IRIGCTEC on both sides.
05:48Who will remain in touch?
05:51Finally, we will be, after this meeting, going on to a business session.
05:57And I would suggest for your consideration that we could have a coordination mechanism
06:03between the business forum and the different working groups of the IRIGCT
06:08so that there is a two-way flow between people in the business world
06:14and people in the policy world.
06:16We would like the IRIGC to become even more result-oriented, relevant, and readily available to the business communities of the two sides.
06:26So allow me to conclude by recalling that the IRIGC is a key mechanism to prepare for the annual summit, which we expect to hold at the end of this year.
06:39And indeed, it's our work, it's what we deliver that really drives the relationship between India and Russia.
06:48So I thank you once again for your warm welcome, for your hospitality, for the excellent arrangements for today's meeting.
06:57I look forward to our fruitful discussions. Thank you.
Comments