Indian External Affairs Minister S Jaishankar and Russian Deputy Prime Minister Denis Manturov, who is also the trade and industry minister, co-chaired a meeting of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) in Moscow on Tuesday.
The two ministers witnessed the signing of pacts in civil nuclear cooperation, pharmaceuticals and medical devices, Jaishankar said in a social media post.
The EAM noted that both the countries had also finalised a programme of cooperation on Russian Far-east and would jointly organise connectivity events on land and maritime corridors.
Later in the evening, Jaishankar told a community reception attended by members of Indian diaspora in Moscow that Russia and India would construct more units at the Kudankulam Nuclear Power Plant (NPP) in Tamil Nadu.
The civil nuclear plant, built with Russian assistance, currently operates two units of 1000 MW each and four more units are set to be operationalised by 2027.
Jaishankar also said that both the ministers have agreed to begin “in-person” negotiations for the India-Eurasian Economic Union (EAEU) Free Trade Agreement (FTA) in January.
A Russian statement said that discussions between Manturov and Jaishankar focussed on trade, investment, financial and banking, transport and logistics spheres, as well as energy and food security.
It stated that “particular attention was paid to promoting priority industrial cooperation projects”.
The statement said that the two nations signed a memorandum of understanding (MoU) between the Federal Service for Surveillance in Healthcare (Roszdravnadzor) of Russia and the Central Drugs Standard Control Organization (CDSCO) of India.
“Over the recent years, despite the challenges our countries face, bilateral trade and economic ties have been developing rapidly. There is no doubt that the Russian-Indian trade turnover at the end of this year will overcome the milestone of $50 billion and be an all-time high,” Manturov said during the meeting.
Jaishankar Eyes $100 Billion Trade With Russia
Addressing the community interaction at the Metropol Hotel in Moscow, Jaishankar expressed confidence that bilateral trade between the two nations would reach $100 billion in coming years
“The bilateral trade between India and Russia can increase from the present $50 billion to $100 billion in the next few years," he stated.
Jaishankar expressed confidence that New Delhi could scale up its exports to Russia, particularly in areas like pharmaceuticals in which India has a renowned generic drugs’ industry.
The Indian EAM called Russia as a special partner, highlighting the close cooperation in areas of defence, nuclear and space.
He noted that Russia’s increased focus on Asia in the last few years presented many opportunities for the two countries to boost economic cooperation in crucial sectors.