Visits

Excellency,

Distinguished guests,

I am delighted to join you and delegations of both countries for the 26th Session of the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC).

We are meeting here after about 10 months since the last Session in November 2024 in New Delhi, and I think this is perhaps the shortest interval between the two sessions that we have ever had.

Over the last four years, Excellency, our bilateral trade in goods has increased, as you have noted, more than five-fold from USD 13 billion in 2021 to USD 68 billion in 2024-25 and it continues to grow. However, a major trade imbalance has accompanied the growth; it has increased from USD 6.6 billion to USD 58.9 billion which is about nine times. So we need to address that urgently.

Today, as we meet, allow me to lay out some of the salient features of the agenda before us. Addressing tariff and non-tariff trade barriers, removing bottlenecks in logistics, promoting connectivity through the International North-South Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok Corridor, effecting payment mechanisms smoothly, timely finalization and execution of the Programme of Economic Cooperation till 2030, the early conclusion of the India-Eurasian Economic Union FTA, whose terms of reference were finalised today, and regular interaction between the businesses of the two countries – these are among the key elements.

They will not only help to address the imbalance and grow our trade, but also hasten the timely achievement of our revised trade target of USD 100 billion by 2030.

Colleagues, we are all acutely aware that we are meeting in the backdrop of a complex geopolitical situation. Our leaders remain closely and regularly engaged. They provide us wise and practical guidance to our Special and Privileged Strategic Partnership. They had two ‘in person’ meetings last year and are personally committed to further advancing our strategic partnership.

Today, as we meet here for the IRIGC-TEC, allow me to make some suggestions on how we can improve our efficiency and rise to the occasion of deepening our economic cooperation.

One, the various Working Groups and Sub Groups could perhaps take a more creative and innovative approach towards their respective agendas. The challenges posed by the larger landscape that I mentioned require us to do so. And this should be done in a manner in which it works for both sides. So, when we speak today as you did, Excellency, of the smoothness of settlements, of better logistics, of diversifying our trade basket, of creating more joint ventures, of moving on skilling and mobility, these are some of the areas, some examples what we need to focus on more effectively.

Second, we should continuously diversify and expand our agenda through mutual consultation. This will help us to tap into full potential of our trade and investment ties. We should not get stuck on a beaten track. Doing more and doing differently should be our mantras.

Third, I would urge that we set ourselves some quantifiable targets and specific timelines so that we challenge ourselves to achieve more, perhaps even surpass what we set out to do. Each Working Group and each Sub Group could apply itself to setting of targets and see what we could achieve by the next session of the IRIGC-TEC. For example, if you are looking at Trade Barriers, could we pick a certain number and make a commitment? If we have agreed to a certain proposal, can we set a firm timeline for that? So, I believe that each Working Group and Sub Group should include at least one possible target and pursue it with full tenacity.

Four, we could, I would suggest for your consideration, that we should have at least two inter-sessional meetings between the IRIGC Sessions. We could also do a virtual midterm review with all the Co-Chairs like we did in 2023. It will certainly help us to take corrective measures and come up with adjustments which are required. To make that happen, I think it would also be useful if each one of us designate a clearing house for the IRIGC-TEC on both sides who would remain in touch.

Finally, we will be, after this meeting, going on to a business session, and I would suggest for your consideration that we could have a coordination mechanism between the Business Forum and the different Working Groups of the IRIGC, so that there is a two-way flow between people in the business world and people in the policy world. We will like the IRIGC to become even more result-oriented, relevant and readily available to the business communities of the two sides.

So, allow me to conclude by recalling that the IRIGC is a key mechanism to prepare for the Annual Summit which we expect to hold at the end of this year, and indeed it’s our work, it’s what we deliver that really drives the relationship between India and Russia. So, I thank you once again for the warm welcome, for the hospitality, for the excellent arrangements for today’s meeting. I look forward to our fruitful discussions.

Thank you.