India-Russia aim for $100 bn bilateral trade by 2030

 

India and Russia have set a target of $100 billion in bilateral trade by 2030. India has been running a huge trade deficit with Russia since it started importing crude oil from its long-standing partner. In 2024-25, India’s exports to Russia stood at $4.8 billion, while imports were $63.8 billion. India has sought a speedy resolution of non-tariff barriers and regulatory impediments for a more balanced trade with Russia. After he met with the Foreign Minister of Russia, Mr Sergey Lavrov, here last week, External Affairs Minister Mr S. Jaishankar said that India reaffirmed the shared ambition to expand bilateral trade in a balanced and sustainable manner, including by increasing India’s exports to Russia. One of the sectors where efforts are being made to address the issue of non-tariff barriers is marine exports. The Commerce Department is already engaged with Russia on this issue, as per a report.

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