Moscow, August 25: India’s External Affairs Minister Dr. S. Jaishankar recently visited Russia, where he met with President Vladimir Putin and First Deputy Prime Minister Denis Manturov. This visit included the 27th meeting of the India-Russia Intergovernmental Commission, focusing on trade, economic, scientific, technical, and cultural cooperation, during which significant documents were signed.
Minister Jaishankar emphasized that despite a complex international landscape, the India-Russia partnership has consistently demonstrated resilience and adaptability. He stated, “Our engagement has deepened, reflecting mutual interests and trust that define our bilateral partnership.”
He noted that since their last session, leaders have continued to provide clear direction for their special and privileged strategic partnership. The 23rd India-Russia Annual Summit, held in December 2025, reaffirmed their shared commitment to strengthening long-term economic cooperation.
In the past five years, bilateral trade in goods has surged more than fourfold, rising from approximately $13 billion in 2021-22 to nearly $60 billion in 2025-26. Jaishankar remarked, “This reflects the immense potential of our partnership, although it has also led to a significant trade imbalance, which has increased from $6.6 billion to over $50 billion. Addressing this imbalance is one of our top priorities.”
He highlighted that the Intergovernmental Commission has evolved into a comprehensive mechanism, with a wide network of working groups and sub-groups. Future efforts should be measured by the outcomes achieved, he added.
Jaishankar urged each working group to prioritize results before the next session and actively engage in problem-solving. He also called for strengthening ties with the business community, stating that while governments can create enabling frameworks, it is the business sector that drives trade, investment, innovation, and job creation.
In his opening remarks, he stressed the importance of aligning institutional mechanisms closely with industry priorities. Regular dialogues with businesses and industry associations will help identify practical obstacles, improve policy accountability, and ensure discussions remain relevant, action-oriented, and commercially meaningful. The upcoming INNOPROM event in India is seen as a positive sign in this regard.
He encouraged participants to continuously update their perspectives on opportunities and seek new possibilities, noting that the complex international landscape will continually present new ideas as all nations focus on risk mitigation and diversification. Economic demands and technological requirements will further enhance this mix. While their fundamental complementarity remains underexplored, progress has been made in realizing this potential over the past few years, and it should be advanced further.
After the meeting, he thanked First Deputy Prime Minister Denis Manturov for co-chairing this “key mechanism” and described the meeting as “very productive.”
Jaishankar shared on social media platform X, “Our discussions focused on our extensive cooperation in trade, investment, energy, fertilizers, nuclear, connectivity, technology, space, and mobility. I believe today’s meeting will greatly assist in deepening our practical cooperation across various sectors.”
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