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Jaishankar Outlines Three Proposals to Address $50 Billion Trade Imbalance, Targets $100 Billion Trade by 2030

  • External Affairs Minister Dr. S. Jaishankar called for removing non-tariff barriers, strengthening payment systems, and concluding a Free Trade Agreement to boost India-Russia trade to USD 100 billion by 2030.
  • Bilateral trade between India and Russia expanded from about USD 13 billion in 2021-22 to nearly USD 60 billion in 2023-24, but the trade imbalance widened from USD 6.6 billion to over USD 50 billion.
  • Jaishankar proposed three key priorities for the India-Russia Inter-Governmental Commission: prioritizing tangible outcomes, aligning with private sector needs, and exploring new ways to de-risk and diversify economic ties.
  • The India-Russia partnership continues to show resilience and adaptability amid global challenges, with ongoing commitment to economic goals through the IRIGC platform.
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Tribune India broke the news in Chandigarh, India on Monday, August 24, 2026.
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