India-Russia engagement has deepened amid the ongoing geopolitical churn, though the two sides need to address issues such as non-tariff barriers and regulatory impediments to increase their two-way trade to $100 billion by 2030, external affairs minister S Jaishankar said on Monday. India's foreign minister S Jaishankar noted that both sides have committed themselves to increasing bilateral trade from $68.7 billion to $100 billion by 2030 in a “balanced and sustainable manner”. (AP FILE)
The evolving multipolar order requires greater cooperation between India and Russia, including through Brics, the Shanghai Cooperation Organisation (SCO), G20 and the UN, and New Delhi looks forward to closely working with Russia to address shared challenges, Jaishankar said in a virtual address at the conference “India and Russia: Towards a new bilateral agenda”.
Russian foreign minister Sergey Lavrov, who also addressed the meeting virtually, lauded India’s “independent foreign policy” that prioritises national interest and said the two countries have close coordination on foreign policy matters amid the ongoing geopolitical turbulence, including the “military-political crisis in the Persian Gulf provoked by the US and Israel”.
Jaishankar said the special and privileged strategic partnership between India and Russia is “rooted in trust and mutual respect” and bilateral cooperation has advanced regional and global peace, stability and progress.
“In today’s evolving geopolitical dynamics, our engagement continues to deepen, driven by frequent high-level exchanges,” he said, adding that Russian President Vladimir Putin’s visit last December broke new ground in areas such as the mobility of skilled professionals, maritime cooperation, fertilisers, customs and commerce.
Jaishankar noted that both sides have committed themselves to increasing bilateral trade from $68.7 billion to $100 billion by 2030 in a “balanced and sustainable manner”, and said this requires the conclusion of the India-Eurasian Economic Union (EAEU) free trade agreement, addressing non-tariff barriers and regulatory impediments and utilising the skilled Indian workforce. Lavrov also said the two countries currently conduct 96% of their trade in national currencies.
Describing Russia as India’s “foremost partner” in civil nuclear energy, Jaishankar said: “As India aims to increase its nuclear energy generation capacity to 100 GW by 2047, I am confident that it will find a trusted and reliable partner in Russia for peaceful uses of nuclear energy.”
Lavrov said India’s influence is growing in the emerging multipolar world. “New Delhi deserves the deepest respect for pursuing an independent foreign policy as part of its course toward strategic autonomy, consistently prioritising the national interest,” he said. “The time-tested Russian-Indian friendship is a model of how interstate relations based on equality, mutual trust and respect, and consideration of each other’s interests can and should be built.”
He also said that Russia looks forward to welcoming Prime Minister Narendra Modi for a visit this year.