Indian minister calls for addressing trade imbalance with Russia

The EEU bloc comprises Russia, Armenia, Belarus, Kazakhstan and the Kyrgyz Republic. India’s annual trade with the EEU was worth $69 billion in 2024.

While attending the 26th session of the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), Jaishankar also raised the issue of India-Russia trade imbalance that has expanded in the past few years as India’s trade with Russia grew from $13 billion in 2021 to $68 billion in 2024-25.

The earlier trade imbalance of $ 6.6 billion has risen to $58.9 billion. “So, we need to address that urgently,” said Jaishankar in his opening remarks.

The Russian delegation was led by first deputy prime minister Denis Manturov.

“Tariff and non-tariff trade barriers, removing bottlenecks in logistics, promoting connectivity through the International North-South Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok Corridor, effecting payment mechanisms smoothly” are the main issues before the IRIGC-TEC, Jaishankar said.

The Moscow meeting also finalised the terms of reference of the India-EEU FTA, he said.

“..we are all acutely aware that we are meeting in the backdrop of a complex geopolitical situation. Our leaders remain closely and regularly engaged,” Jaishankar was quoted as saying by an Indian media outlet.

Russia expressed its willingness to export liquefied natural gas to India, in addition to oil. It is keen to expand cooperation with India in the nuclear energy sector.

ALCHEMPro News Desk (DS)