&imwidth=800&imheight=600&format=webp&quality=medium "India-Russia trade imbalance soared nine times: Indian EAM Jaishankar says need to address issue ‘urgently’")
Indian Minister of External Affairs S Jaishankar on Wednesday (Aug 20) highlighted a major trade imbalance with Russia, which has increased by nine times, during his opening remarks at the 26th Session of the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC) in Moscow. Jaishankar said that while the bilateral trade between the two nations has increased, this issue needs to be addressed “urgently”.
The foreign minister said that the trade has increased more than fivefold from $13 billion in 2021 to $68 billion in 2024-25. However, the trade imbalance has increased from $6.6 billion to $58.9 billion.
Trade imbalance increased nine times
“Over the last four years, Excellency, our bilateral trade in goods has increased, as you have noted, more than five-fold from USD 13 billion in 2021 to USD 68 billion in 2024-25 and it continues to grow,” he said.
Jaishankar added, “However, a major trade imbalance has accompanied the growth; it has increased from USD 6.6 billion to USD 58.9 billion, which is about nine times. So we need to address that urgently.”
Agenda for IRIGC-TEC
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He further talked about some of the salient features of the agenda that will be discussed between the two countries during his visit. The key elements include tariff, non-tariff barriers, enhancing logistics, effective payment mechanisms, and promoting connectivity through the International North-South Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok Corridor.
“They will not only help to address the imbalance and grow our trade, but also hasten the timely achievement of our revised trade target of USD 100 billion by 2030,” he said.
Visit comes amid Trump’s tariff threats
Jaishankar’s visit comes amid recent tariff threats by US President Donald Trump, who doubled the tariffs on India to 50 per cent, citing the purchase of Russian oil amid the war in Ukraine. Initially, Trump imposed 25 per cent tariffs on India, but further imposed an additional 25 per cent duties on New Delhi’s Russian oil purchase.
