Union External Affairs Minister Dr S Jaishankar today reiterated India’s strong resolve to boost connectivity, market and investment linkages to achieve 100 billion dollar trade with Russia by 2030. Addressing the India-Russia Business Forum in Mumbai, Dr. Jaishankar said the bilateral trade currently stands at 66 billion dollars, making the 100 billion dollar aim more realistic.

Talking about the need for better trade balance and settlement in national currency, Dr Jaishankar said the Special Rupee Vostro Accounts are an effective mechanism. He, however, added that it is imperative to speedily address non-tariff barriers and regulatory impediments to ensure the balance of trade.

Outlining several key areas that will drive future economic cooperation between India and Russia, Dr Jaishankar said the continued development of the International North-South Transport Corridor, the Chennai-Vladivostok Maritime Corridor, and the Northern Maritime Route are vital for enhancing logistical networks between the two nations.

Beyond trade, the minister emphasized the importance of collaborative efforts in sectors such as energy, fertilizers, education and films, as instrumental in forging a broader cultural and economic bond.

Also talking about the global workplace, Dr. Jaishankar said focused initiatives are required to customize human resources in India for the Russian market.