Moscow, December 2 (ANI) — Russia is targeting USD 100 billion in bilateral trade with India by 2030, focusing on higher-quality trade, a broader product mix and deeper industrial cooperation, Russian First Deputy Prime Minister Denis Manturov told ANI ahead of the Russian President’s visit to India. Manturov, who co-chairs the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation, described the goal as highly ambitious and said it will require coordinated action from both governments, the private sector and financial institutions.
Manturov said the Russian government is creating a favourable environment to support businesses and to expand cooperation, pointing to regular plenary sessions and working groups of the Intergovernmental Commission as primary forums for discussing investment projects and regulatory issues. He stressed that improving the structure and overall quality of bilateral trade is essential to reaching the 2030 target.
Highlighting concrete examples of collaboration, Manturov noted successful joint initiatives such as local production of Vande Bharat trains in India and said additional projects are in development. He added that negotiations on a Free Trade Agreement between the two countries have begun, with the first round recently held in New Delhi, aiming to strengthen the regulatory framework that governs bilateral trade.
Despite Western sanctions on Russia, Manturov said trade with India has not only held steady but reached record levels, reporting a sevenfold increase in turnover over the past five years. He credited persistent government engagement and business adaptability for that growth.
Industrial cooperation remains central to the partnership, he said, listing joint work in mechanical engineering, metallurgy, mining, chemicals, pharmaceuticals, information technology and aircraft manufacturing. On the trade side, Russia is boosting exports of mineral fertilisers, machinery, equipment and metallurgical products to India, while expanding imports from India of agro-industrial goods, chemicals, industrial raw materials, equipment and components.
Manturov criticised unilateral Western sanctions for disrupting international production and logistics chains but argued that bilateral coordination has allowed both countries to preserve and expand trade ties. He reiterated plans to diversify the trade basket, remove logistical and financial obstacles, and deepen investment and technological cooperation — all measures Moscow sees as necessary to achieve the USD 100 billion milestone set by the two leaders.
(ANI)
