21/08/2025
India and Russia are working to increase their annual bilateral trade by nearly 50% within the next five years, targeting the $100 billion mark, a top envoy said on Thursday.
The two countries are exploring ways to reduce tariffs and expand trade cooperation, particularly in the sectors of energy, defense, and critical technologies. The move comes as both nations face mounting tensions with the United States, prompting them to strengthen alternative economic partnerships.
Officials noted that India–Russia trade has already seen a sharp rise in recent years, driven by discounted Russian crude oil exports to India and expanding defense ties. The new plan is expected to diversify trade beyond energy, with a focus on pharmaceuticals, fertilizers, IT services, and agriculture.
Diplomatic sources indicated that achieving the $100 billion target will require significant policy adjustments, tariff reductions, and investment-friendly frameworks from both sides.
This development underscores India and Russia’s commitment to bolstering their strategic partnership, even as geopolitical challenges reshape global trade alignments.
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