India and Russia need to address regulatory challenges and non-tariff barriers in order to significantly expand bilateral trade, External Affairs Minister S Jaishankar said, reaffirming India’s commitment to strengthening its long-standing strategic relationship with Moscow.
Speaking virtually at a conference on future cooperation, Jaishankar noted that ties between the two nations continue to deepen despite shifting geopolitical conditions. He emphasized that the evolving multipolar global order makes closer coordination between India and Russia more important than ever.
He highlighted the importance of engagement through multilateral platforms such as BRICS, the Shanghai Cooperation Organisation, the G20, and the United Nations, which serve as key avenues for strengthening cooperation on global issues.
Describing the relationship as a “special and privileged strategic partnership,” Jaishankar said it is built on decades of trust and shared strategic interests. He added that both countries are working toward increasing bilateral trade from approximately 68.7 billion dollars to 100 billion dollars by 2030 in a balanced and sustainable manner.
To achieve this target, he stressed the need to move forward on a proposed free trade agreement between India and the Eurasian Economic Union, while simultaneously resolving existing trade bottlenecks and improving utilization of India’s skilled workforce.
He also referred to the outcomes of Russian President Vladimir Putin’s visit to New Delhi in December, during which both sides agreed on a long-term roadmap to enhance economic cooperation over the next five years.
On sectoral collaboration, Jaishankar highlighted Russia’s role as a key partner in India’s civil nuclear energy program. He noted India’s ambitious goal of expanding nuclear power capacity to 100 gigawatts by 2047, underscoring the strategic importance of this partnership.
Russian Foreign Minister Sergey Lavrov praised India’s independent foreign policy and reaffirmed Moscow’s respect for India’s strategic autonomy. He also expressed optimism about further high-level exchanges, including a potential visit by Prime Minister Narendra Modi to Russia later this year.
Lavrov described India-Russia ties as a time-tested partnership built on equality, mutual trust, and respect, emphasizing that both nations continue to prioritize each other’s interests while navigating a rapidly changing global environment.
