"Despite negative external factors, positive dynamics in Russia-India trade prevailed," says Russian Dy PM Manturov
Apr 18, 2023
New Delhi [India], April 18 : Russian Deputy Prime Minister and Minister of Industry and Trade, Denis Valentinovich Manturov on Tuesday reiterated that "despite negative external factors, positive dynamics in Russia-India trade prevailed as the bilateral trade betwen Moscow and New Delhi reached USD 30 billion, defining the intensity of Russian-Indian cooperation.
He also acknowleded the fact that both India and Russia have completed the task, ahead of schedule, set by the leaders of both the countries to reach the level of bilateral trade of USD 30 billion by 2025.
Manturov said, "Relations between Russia and India continue progressively developing in all directions. In 2022, despite negative external factors, positive dynamics in the Russian-Indian trade prevailed."
Minister of External Affairs Dr S Jaishankar led the Indian delegation. During the meeting, both sides discussed bilateral cooperation in the areas of trade, finance, industry, energy sector, including nuclear power, agriculture, transport, healthcare, education and culture.
Following the meeting, Manturov and Jaishankar signed the final Protocol of the 24th Meeting of the Russian-Indian Inter-Governmental Commission (IGC).
The trade turnover between Russia and India exceeded USD 35 billion, stated the Deputy Prime Minister of Russia.
"The intensity of Russian-Indian cooperation is reflected in the new dynamics of our bilateral trade despite the difficult external background. According to last year's result, the trade turnover between our countries increased by 2.6 times, exceeding 35 billion USD. We have completed ahead of schedule the task set by the leaders of our countries to reach the level of bilateral trade of USD 30 billion by 2025," said Denis Manturov.
The Russian Dy PM further said, "This platform, dialogue allows us to have a comprehensive...on key questions of development. Every year we have more and more directions for our joint work and this is...by the time-tested ties of friendship between Russia and India."
India and Russia are discussing a free trade agreement that would further deepen bilateral commercial ties that have flourished since the war broke out in Ukraine.
Russia's economy has been hit by Western sanctions due to its military operation in Ukraine.
Meanwhile, Jaishankar said that he is confident that this particular meeting would help to strengthen further and deepen our economic and trade relationship.
"I am very glad to welcome you, and your delegation for the 24th session of the India-Russia Inter-Governmental Commission (IGC) for trade, economic, scientific and cultural cooperation. Since 1994, we have held 23 such sessions and I am confident that this particular meeting would help to strengthen further and deepen our economic and trade relationship. I recall our meeting last year in Moscow, the virtual meeting that we did last month and I believe that today's meeting will build on those earlier discussions and keep in mind, our special and privileged partnership provides new guidance and direction in the economic and other spheres," he said.
