Trade between India and Russia growing – Moscow

Bilateral trade turnover rose by 8% in the first half of the year, Russian First Deputy PM Denis Manturov has said Bilateral trade turnover between India and Russia grew 8% in the first half of the year, Russian First Deputy Prime Minister Denis Manturov said in Moscow on Monday, adding that both exports and imports showed expansion.

“Our goal is not only to increase the volume of trade turnover, but also to diversify its structure,” Manturov said at the 27th Session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation, which he is co-hosting with visiting Indian Foreign Minister S.

Jaishankar.

India and Russia are pursuing a bilateral trade target of $100 billion to be reached by 2030, which was set by President Vladimir Putin in December when he visited New Delhi.

Jaishankar said bilateral trade has increased more than fourfold in the last four years, from around $13 billion in 2021-22 to over $60 billion in 2025-26.

He also noted, however, that the rapid expansion has increased the trade imbalance.

The Indian foreign minister said progress on market access, removal of tariff and non-tariff barriers, and strengthening payment mechanisms will be critical in addressing the imbalance.

Manturov said the free trade agreement (FTA) that the Russia-led Eurasian Economic Union has been negotiating with India since August last year will be a new driver for sustainable trade growth.

“Its preparation is in an active stage and it is important to maintain a high pace of negotiations,” he added. ❗️🇮🇳-EAEU FTA Preparations in 'Active Stage' - 🇷🇺 Deputy PM Manturov Interaction between business circles must be intensified, with INNOPROM India expected to be integral to the process, he adds. pic.twitter.com/10grT9CfW0 — RT_India (@RT_India_news) August 24, 2026 He underscored the competitive advantages of the Northern Sea Route, noting that state-backed Rosatom is discussing mutually beneficial formats for cooperation on the Arctic route.

“The use of this Arctic route will reduce transport costs for economic operators,” Manturov said.

India, which has shown keen interest in the route amid global shipping disruptions, plans to send its first cargo ship along the passage next year.