External Affairs Minister Dr. S. Jaishankar’s four-day visit to Russia has signaled India’s intent to diversify trade ties and rebalance its growing partnership with Moscow. The trip comes at a crucial juncture as global trade flows are being reshaped by new U.S. tariffs and taxes.
On August 20, Jaishankar co-chaired the 26th India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC). He noted the sharp jump in bilateral trade from USD 13 billion in 2021 to USD 68 billion in 2024–25, but flagged concerns over the nine-fold trade imbalance. Proposals included measurable trade targets, mid-term reviews, stronger business forum linkages, and innovative approaches to expand cooperation.
At the India-Russia Business Forum, held with Russian First Deputy Prime Minister Denis Manturov, Jaishankar emphasized that sustained growth in trade, investments, and joint ventures would form the backbone of a durable strategic partnership. Russian envoy Roman Babushkin also stated that Indian products facing U.S. barriers would be “more than welcome” in Russia. In Guwahati, tea exporters and agro-traders hailed the move, saying wider access to the Russian market could reduce dependence on traditional buyers and cushion against global uncertainties, opening new avenues for Assam’s economy.
