Trade between the two countries has grown seven-fold, Denis Manturov has told Indian Foreign Minister S. Jaishankar
Russia “confidently” ranks among India’s top four trade partners and continues to supply it with crucial energy resources, Russian Deputy Prime Minister Denis Manturov said at a bilateral intergovernmental commission on Wednesday. He co-chaired the annual meeting with Indian Minister of External Affairs S. Jaishankar.
Manturov spoke against the backdrop of ongoing tensions between India and its Western partners, who have been pressuring India to abandon energy trade with Russia. The roundtable in Moscow was attended by dozens of business delegates from both nations.
“I would especially like to highlight our cooperation in the energy field. We continue fuel shipments, including crude oil and petroleum products, as well as energy and coking coal. We see potential for exporting Russian LNG,” Manturov said.
Earlier this month, the US president imposed an additional 25% “punitive” tariff on India – set to take effect on August 27 – over its continued purchase of Russian oil. India has strongly condemned the tariffs as “unfair, unjustified, and unreasonable,” and has vowed to protect its national interests.
Manturov noted that alongside the growth in trade volumes, the range of traded goods is also expanding. “In addition to the traditional and stable supply of energy resources to India, Russian exports now include mineral fertilizers, metallurgical and forestry products, diamonds, power equipment, and foodstuffs,” he said. The deputy minister added that India, too, has broadened the range of goods supplied to Russia.
Jaishankar, who is in Moscow for a three-day official visit, asserted that the two countries should “tap the full potential of trade and investment ties.” The Indian minister opined that “Doing more and doing differently should be our mantra.”
Bilateral trade between India and Russia reached a record high of $68.7 billion in the last fiscal year – nearly six times higher than the annual turnover before 2022. Currently, India’s exports to Russia stand at around $5 billion, while imports from Russia amount to $64 billion, driven primarily by New Delhi’s purchases of energy resources. This trade imbalance has been a concern for both capitals.
❗️’Doing More, & Doing Differently’: EAM Jaishankar Suggests A Mantra For Talks With 🇷🇺 Deputy PM Manturov So Both Nations Can Achieve Their ‘Ambitious Goals’ pic.twitter.com/U7Fq9hEQpi
To address the issue, the two countries have agreed to work together to diversify trade and explore new areas of cooperation. Both sides remain optimistic about achieving a bilateral trade target of $100 billion by 2030.
