“India is now Russia’s second-largest economic partner,” says Denis Manturov at trade session

Russia’s First Deputy Prime Minister Denis Manturov who is in presently on a visit to India on Tuesday highlighted the significant progress in bilateral trade between the two countries while emphasising the potential for further growth.

At the 25th Session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation held in the national capital, Manturov stressed the importance of enhancing collaboration through large-scale congress and exhibition events in both countries, which he said would “allow to rhythmically expand the growth rates of trade turnover in accordance to fashion.”

Pointing to the impressive trajectory of trade relations, Manturov said, “Here I would like to point out the stable positive dynamics, and over the last five years, trade turnover of our country has grown more than fivefold. India is now the second country among all the foreign economic partners of Russia.”

He noted that this positive trend has continued in 2024, with a nine per cent increase in trade turnover in the first eight months compared to last year.

Manturov highlighted the diversification of trade between the two countries, citing traditional exports of energy sources and mineral fertilisers alongside the growing food exports, particularly sunflower and soybean oil. On the other hand, he noted Russia’s imports from India include industrial equipment, components, pharmaceutical drugs, and substances. He further mentioned plans to address the trade imbalance and diversify the product range as part of a comprehensive roadmap for cooperation until 2030.

Speaking on future initiatives, Manturov reaffirmed Russia’s commitment to finalising key agreements. “Among other things, we confirm our strong commitment on signing the Free Trade Agreement between the EEU and India, as well as the bilateral agreement on services and investments. This fully meets the needs of our business community,” he said.

The session, held in New Delhi, also saw the participation by External Affairs Minister S Jaishankar. It focused on reviewing the progress of bilateral initiatives and exploring new areas of collaboration.