External Affairs Minister S Jaishankar in Moscow urged urgent steps to resolve the India Russia Trade Imbalance of $58.9 billion. He proposed tariff removal, stronger connectivity, and regional trade routes to achieve the $100 billion trade target by 2030.
India Russia Trade Imbalance During Moscow Visit
During his official visit to Moscow, External Affairs Minister S Jaishankar emphasized the urgent need to resolve the growing India Russia Trade Imbalance. He pointed out that while bilateral trade has expanded rapidly in recent years, the deficit has reached an alarming level.
Mr. Jaishankar noted that trade between India and Russia has surged more than five times — from $3 billion in 2021 to $68 billion in 2024-25. However, this growth has come with a significant downside: the trade gap has widened from $6.6 billion to $58.9 billion, largely due to India’s massive crude oil imports from Russia.
Speaking at the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), co-chaired with Russia’s First Deputy PM Denis Manturov, he underlined the urgent need to take corrective measures.
The minister suggested key steps to tackle the imbalance, including
Removal of tariff and non-tariff barriers
Addressing logistical hurdles
Expanding regional connectivity through projects like the International North-South Transport Corridor (INSTC), the Northern Sea Route, and the Chennai-Vladivostok maritime corridor.
According to him, these measures would not only balance trade but also accelerate the achievement of the revised bilateral trade target of $100 billion by 2030. He further stressed on the importance of an early conclusion of the India–Eurasian Economic Union Free Trade Agreement (FTA), whose terms were finalized recently.
Mr. Jaishankar highlighted that despite global challenges, India and Russia have remained in constant communication, holding multiple in-person meetings in the past year. Their Special and Privileged Strategic Partnership, he said, continues to remain strong and forward-looking.
His Moscow trip also comes amid rising global trade tensions, especially after the United States imposed steep tariffs on India and strongly urged New Delhi to reduce oil imports from Russia.India Russia Trade Imbalance.
English