External Affairs Minister S Jaishankar, speaking in Moscow at the 26th India–Russia Intergovernmental Commission, urged Russian companies to engage 'more intensively' with Indian businesses. Amid U.S. tariffs on India, Jaishankar highlighted India’s growth, ‘Make in India’ push, and expanding trade opportunities for Russian investors.
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.
02:36They 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.
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