India's Jaishankar and Russia's Manturov discuss BRICS and the huge increase in mutual trade

By Rhod Mackenzie

Trade turnover between Russia and India will reach $50 billion by the end of 2023, which will be a historical record. This was stated by Deputy Prime Minister and Head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov on Tuesday 26 December during negotiations with Indian Foreign Minister Subrahmanyam Jaishankar.

"There is no doubt that by the end of this year the Russian-Indian trade turnover will exceed the milestone of $50 billion and set a new historical high," Manturov said.

He added that in recent years, despite the challenges faced by Moscow and Delhi, trade and economic relations between the two countries have developed rapidly.

During the negotiations, the parties also discussed current issues of interaction in trade, investment, transport and logistics, as well as energy and food security.

As noted on the Russian government website, special attention was paid to promoting priority industrial cooperation projects.
Jaishankar is visiting Russia from 25-29 December. His programme includes visits to events in Moscow and St Petersburg. Announcing the visit, the Indian Ministry of External Affairs stressed that the long-standing partnership between the two countries remains stable and continues to be characterised by the spirit of a special and privileged strategic partnership.

The XIV India-Russia Business Dialogue was held in Moscow on 20 December. The event brought together 796 participants from 10 foreign countries, including the UK, the US and African countries. 155 participants took part in discussions through the online Business Dialogue.

Earlier, on 7 December, at the "Russia Calling! Russian President Vladimir Putin said that despite external pressure, Indian Prime Minister Narendra Modi was pursuing a tough policy and defending the country's national interests. The president added that relations between the Russian Federation and India are developing progressively in all directions because Modi cannot be intimidated by any pressure.

Federation Council Speaker Valentina Matvienko also pointed out in October that Indo-Russian cooperation is only deepening. She noted that the potential of the two countries is "much greater" and therefore needs to be further developed.