India, Russia Forge Stronger Trade Ties Amid Geopolitical Challenges

India's External Affairs Minister, S Jaishankar, announced a substantial increase in bilateral trade between India and Russia, which has grown more than five-fold from $13 billion in 2021 to an anticipated $68 billion by 2024-25. Despite this positive trend, an accompanying trade imbalance requires immediate attention, he stated.

Addressing the 26th Session of the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), Jaishankar emphasized the significance of this body in preparing for the forthcoming Annual Summit, scheduled by the year's end. The meeting, notable for its short interval since the last session, reflects a crucial aspect of the strategic partnership.

Jaishankar's visit to Russia also includes engagement with the India-Russia Business Forum and discussions with Sergey Lavrov, Russia's Foreign Minister. The discussions aim at reinforcing the strategic partnership against a backdrop of complex geopolitical dynamics, with both nations' leaders remaining closely aligned on various global and regional issues.

(With inputs from agencies.)