News Brief
India And Russia Target $100 Billion Trade In Five Years Amid Strained US Ties: Report
India-Russia Business Forum in Moscow. (Credit: @DrSJaishankar/X)
India and Russia are seeking to increase their annual trade volume by nearly 50 per cent per cent over the next five years, setting an ambitious target of $100 billion, Reuters reported.
Speaking at the India-Russia Business Forum in Moscow on Wednesday (20 August), he emphasised the need to dismantle trade barriers and streamline systems to achieve the milestone. Russia currently stands as India’s fourth-largest trading partner, while India is Russia’s second-largest.
Jaishankar is on a three-day trip to Moscow for the annual bilateral dialogue, paving the way for President Vladimir Putin’s visit to India later this year.
“We are all acutely aware that we are meeting in the backdrop of a complex geopolitical situation. Our leaders remain closely and regularly engaged,” he said, stressing that “dependable and steady partners” are essential in uncertain times.
US President Donald Trump has slapped a 25 per cent tariff on Indian goods, threatening to double it to 50 per cent by 27 August, a blow that could severely undermine India’s $85 billion exports to the US.
Jaishankar emphasised the importance of diversifying economic ties, encouraging joint ventures, and improving payment systems to smoothen trade flows.
His visit follows Prime Minister Narendra Modi’s reaffirmation of ties with Putin, calling him a “friend,” and comes ahead of Modi’s planned trip to China later this month to meet President Xi Jinping.
