India Urges Swift Action to Address Trade Imbalance with Russia

External Affairs Minister S Jaishankar highlights the need for removing trade barriers and promoting national currency settlements.

India's trade deficit with Russia has reached USD 25.11 billion, primarily due to increased crude oil imports.
S Jaishankar emphasizes the importance of addressing non-tariff barriers and regulatory hurdles to improve trade balance.
India and Russia have set a bilateral trade target of USD 100 billion by 2030, with current trade standing at USD 66 billion.
Mutual settlement of trade in national currencies is proposed as a solution to enhance trade balance amid current geopolitical circumstances.
The partnership aims to leverage India's growth and Russia's resources, with continued focus on connectivity initiatives and economic cooperation.