Russia’s First Deputy Prime Minister Denis Manturov, emphasized the robust growth in trade between the two countries at the 25th India-Russia Intergovernmental Commission session held in the capital on Tuesday. Highlighting India as Russia’s second-largest economic partner, Manturov pointed to a fivefold increase in trade over the past five years and noted a further nine percent growth in 2024 during the first eight months.
Addressing officials and business representatives, Manturov stressed the role of large-scale events in fostering economic collaboration. He stated, “allow to rhythmically expand the growth rates of trade turnover in accordance to fashion,” suggesting that exhibitions and congresses could help sustain this momentum.
In his remarks, Manturov praised the diversification of trade items. Russia’s traditional exports to India include energy products and mineral fertilizers, while agricultural exports, such as sunflower and soybean oil, are on the rise.
Meanwhile, Indian exports to Russia feature industrial machinery, pharmaceuticals, and components. To address trade imbalances, Manturov outlined a roadmap for cooperation through 2030 aimed at broadening the range of exchanged goods and services.
Looking to future initiatives, Manturov confirmed Russia’s intent to finalize major agreements, including a Free Trade Agreement between the Eurasian Economic Union (EEU) and India. “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,” he affirmed.
रूस भारत और यूरेशियन आर्थिक संघ के बीच FTA के लिए ‘दृढ़ता से प्रतिबद्ध’ है –
प्रथम उप प्रधानमंत्री डेनिस मंटुरोव pic.twitter.com/Hi2tFBMamr
— RT Hindi (@RT_hindi_) November 12, 2024
External Affairs Minister S. Jaishankar joined the session, with discussions focused on evaluating the progress of ongoing projects and identifying new areas of cooperation.
Co-chaired a productive and wide ranging 25th meeting of the India-Russia Intergovernmental Commission in Delhi. Thank my co-chair First DPM Denis Manturov and our delegations for their contribution.
Our deliberations covered the complimentary and beneficial
— Dr. S. Jaishankar (@DrSJaishankar) November 12, 2024
