INDIA AND RUSSIA AGREE TO ENHANCE BUSINESS TIES, PROMISE MUTUALLY BENEFICIAL PARTNERSHIP

Mumbai, November 11th - External Affairs Minister Dr. S. Jaishankar said that the partnership between India and Russia will serve both countries and the world well as he addressed the India-Russia Business Forum in Mumbai on Monday.

Jaishankar reiterated that the goal of reaching the target bilateral trade of USD 100 billion by 2030 is 'more than realistic', with the current trade standing at USD 66 billion. The minister expressed his optimism that the business community will seize this opportunity and take forward the trade and investment ties between the two nations.

During the forum, Jaishankar highlighted ten key developments in the India-Russia relationship, including progress made in areas such as trade negotiations, investments, and economic cooperation. These include:

• Advancing bilateral trade of USD 66 billion to reach a goal of USD 100 billion by 2030
• Improving market access for Indian and Russian businesses through initiatives like non-tariff barriers and the India-Eurasian Economic Union trade in goods negotiations
• Signing agreements on Authorized Economic Operators, which have streamlined trade relations between the two countries
• Progress made in connectivity initiatives such as the INSTC, Chennai-Vladivostok Corridor, and Northern Maritime Route

Jaishankar emphasized that these developments demonstrate 'mutually beneficial arrangements' that will help both India and Russia navigate volatile global times.

"Our approach is not transactional but aimed at building long-term partnerships," said Jaishankar. "We recognize the growing importance of Asia in international relations, particularly with Moscow's recent focus on deeper engagement."

Jaishankar also highlighted non-economic cooperation areas such as education, film, and healthcare, which he sees as critical to expanding their societal and economic linkages.

The Minister pointed out that India-Russia partnership offers opportunities not only for trade and investment but also in addressing global trends such as demographic unevenness. "Demographic imbalances are creating demands and supply gaps across the world," said Jaishankar, "We can be partners in addressing these challenges if we combine our strengths."

"Customizing human resources to cater to the Russian market will require active participation from both governments and businesses," he stressed.

The discussion took place a day before an inter-governmental meeting between India and Russia in New Delhi on November 12th.