External Affairs Minister (EAM) S Jaishankar on Monday stated that, even amidst a complex international landscape, India-Russia partnership has consistently demonstrated resilience and adaptability.
“Even amidst a complex international landscape. our engagement has continued to deepen, reflecting the mutual interest and confidence that define our bilateral partnership,” EAM Jaishankar stated at the 27th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) in Moscow.
“Since our last session, our leaders have continued to provide clear direction for our special and privileged strategic partnership. The 23rd India-Russia Annual Summit, which was held in December 2025, reaffirmed our shared commitment to deepening long-term economic Cooperation,” he added.
He noted that over the last five years, bilateral trade in goods has increased more than fourfold, from about USD 13 billion in 2021-22 to nearly USD 60 billion in 2025-26.
“This demonstrates the immense potential of our partnership, and the rapid expansion of trade has, however, been accompanied by a significant widening of the trade imbalance, which has also increased from USD 6.6 billion to over USD 50 billion. Addressing this imbalance is today one of our foremost priorities,” the EAM highlighted.
He said that over the years, IRIGC-TEC has evolved into a comprehensive mechanism with an extensive network of working groups and subgroups and noted that going forward, the effectiveness of efforts should increasingly be measured by the outcomes we deliver.
“Each working group must prioritise deliverables to be achieved before the next session and actively engage in problem-solving,” EAM Jaishankar stated.
He also called for strengthening engagement with business, noting that governments can create enabling frameworks but it is the businesses that trade, invest, innovate and create jobs.
“Our institutional mechanism should therefore remain closely aligned with the priorities of industry. Regular interaction with businesses and industry associations will help us to identify practical bottlenecks, improve policy responsiveness, and ensure that discussions remain relevant, action-oriented, and commercially meaningful. The holding of INNOPROM in India in the coming weeks is a very good signal in that regard,” stated EAM Jaishankar during his opening remarks.
He also called for constant updating of the view of opportunities and exploring new possibilities.
“The complicated international scenario will constantly throw up fresh ideas because we are all focused on derisking and diversifying. Economic demands and technology requirements will add to this mix. Our fundamental complementarity still remains underexplored, but even the last few years have seen progress in realising this potential, and we must take that forward,” said EAM Jaishankar.
After the meeting, he thanked Denis Manturov, First Deputy Prime Minister of Russia, for co-chairing the 'key mechanism and called the meeting ‘very productive’.
“Our discussions focused on our wide - ranging cooperation in trade, investments, energy, fertilisers, nuclear, connectivity, technology, space and mobility domains,” EAM Jaishankar stated on X.
“Confident that our meeting today will go a long way in deepening our practical cooperation across a range of domains,” he added.
Picture Courtesy: X/ Dr. S. Jaishankar
