External Affairs Minister S. Jaishankar, at the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation (IRIGC-TEC) in Moscow, highlighted the importance of easing trade barriers and strengthening connectivity to unlock the full potential of bilateral ties.
Jaishankar noted that while India-Russia trade has grown significantly in recent years, structural challenges such as regulatory hurdles, payment mechanisms, and logistical gaps continue to affect smooth business operations. He stressed the need for more efficient transport corridors, streamlined customs processes, and stronger banking and financial linkages to facilitate long-term growth.
The talks also explored new areas of collaboration including energy, fertilizers, pharmaceuticals, digital technologies, and infrastructure. Both sides underlined the role of the International North-South Transport Corridor (INSTC) and the Chennai-Vladivostok maritime route in creating faster, cost-effective trade channels.
Jaishankar reiterated India’s commitment to diversifying the economic partnership with Russia, moving beyond hydrocarbons into sectors that can drive sustainable and mutually beneficial growth.