Jaishankar, Manturov to steer India-Russia talks; focus on export imbalance, trade target of $100 billion by 2030

In a push to deepen India-Russia ties, Russian Deputy Prime Minister Denis Manturov and India’s External Affairs Minister S. Jaishankar will co-chair the Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation (IGC-TEC) meeting in New Delhi on November 12. Announced by the Russian embassy, the gathering will focus on expanding bilateral trade, economic ventures, and scientific cooperation between the two nations.

High-stakes meeting in New Delhi

Before the high-stakes meeting in New Delhi, Manturov is scheduled to attend the India-Russia Business Forum in Mumbai on November 11, which will feature sessions on industrial cooperation, finance, digital technologies, and logistics. The forum, organized by the Business Council for Cooperation with India and the Federation of Indian Chambers of Commerce and Industry (FICCI), is part of a broader agenda to bolster cooperation between Indian and Russian entrepreneurs.

The IGC-TEC, established in 1992, serves as the primary platform overseeing India-Russia bilateral economic cooperation. This commission tracks progress in areas such as trade, investment, and cultural exchanges. Discussions on November 12 are expected to cover significant topics, including improving bilateral payment mechanisms, expanding trade settlements in national currencies, and advancing a joint venture with Russia’s Transmashholding (TMH) to build Vande Bharat trains. Connectivity and strategic economic initiatives are also on the agenda, according to officials familiar with the matter.

Working groups within IGC-TEC handle economic, scientific, and financial issues, providing a robust structure for collaboration. Areas under their purview include civil aviation, energy, mining, tourism, IT, and banking. As India and Russia strive to achieve their ambitious trade target of $100 billion by 2030, the IGC-TEC meeting will address the imbalance in current trade, where India’s exports stand at just under $5 billion against the total trade volume of $65.7 billion recorded for 2023-24.

India’s concerns over this imbalance come as the country is working to boost its export levels and diversify its economic engagement with Russia. Efforts to streamline cross-border transactions and currency exchange systems aim to support a more balanced trade relationship.

The meeting follows the recent BRICS Summit in Kazan, Russia, attended by Prime Minister Narendra Modi under Russia’s BRICS presidency. During the summit, Modi reiterated India’s stance on promoting global dialogue and cybersecurity. “We should work for global regulations for cyber security, safe and secure AI,” he said, emphasizing India’s commitment to dialogue and cooperation on international issues, including anti-terrorism efforts. He also noted the importance of rejecting “double standards” on terrorism and called for unity against radicalization and terror financing.

This visit to Russia was a continuation of Modi’s efforts to strengthen diplomatic ties between the nations. In a previous bilateral visit, he attended the India-Russia Annual Summit, where he was awarded the “Order of Saint Andrew the Apostle” for his work in fostering Indo-Russian relations.

As the India-Russia trade and cooperation framework expands, both countries are poised to enhance strategic partnerships and address existing challenges within their economic and technological collaboration.