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EAM Jaishankar emphasises trade in national currencies ahead of intergovernmental meeting with Russia
The bilateral trade between India and Russia will touch $100 billion by 2030, says External Affairs Minister S. Jaishankar
Ahead of the 25th India-Russia Inter-Governmental Commission, EAM S. Jaishankar said bilateral trade in national currencies is “of great importance.”
At the India-Russia Business Forum in Mumbai, Jaishankar announced that bilateral trade, currently at $66 billion, will reach $100 billion by 2030, highlighting the shift towards multipolarity in global trade.
“Mutual settlement of trade in national currencies is of great importance, especially in the current circumstances. Special Rupee Vostro Accounts are right now an effective mechanism.
India-Russia Strengthen Ties Amid Growing Trade and External Pressures
Mr. Jaishankar highlighted INSTC, Chennai-Vladivostok Corridor and Northern Maritime Route as the three connectivity initiatives that the two sides are working on.
He also pointed out that the signing of a bilateral deal between the customs authorities of India and Russia in May 2024 on Authorised Economic Operators has had a “big impact on smoothening the ease of doing business”.
The interaction between high-level teams from India and Russia is significant, as they are meeting shortly after the US Treasury Department placed sanctions on nineteen Indian entities for trading with Russian companies. Mr. Jaishankar reiterated that the two governments have given a “strong direction” to nurture Indo-Russia trade.
Trade in bilateral currencies was a major theme at the BRICS summit in Kazan and the Kazan Declaration emphasized the need of conducting business in local currencies to safeguard national interests.
Denis Manturov, Russia’s First Deputy Prime Minister, joins Jaishankar in Mumbai for the India-Russia Inter-Governmental Commission, as trade between the two nations has surged since Russia’s 2022 invasion of Ukraine, despite U.S. pressure.
Manturov emphasized that despite external pressure, Russia and India will deepen cooperation in technology, energy, healthcare, and other areas, aiming to surpass last year’s record trade volume while diversifying trade towards high-tech products.
On November 12, at the initiative of the Business Council for Cooperation with India and the Synergy Corporation, New Delhi will host the opening of the Russian Business Centre in India.
