Russian Foreign Minister Sergey Lavrov and Indian External Affairs Minister S. Jaishankar met in New Delhi to discuss expanding bilateral trade [1].
The meeting underscores a strategic effort to deepen economic ties between the two nations amid a volatile global environment, focusing on energy security and trade diversification.
Lavrov visited India on May 14-15, 2024, to attend the BRICS Foreign Ministers’ meeting [3]. During the discussions, the officials addressed the goal of increasing bilateral trade to $100 billion [2] by 2030 [2]. Current trade between the two countries is approximately $60 billion [1].
S. Jaishankar said the India-Russia partnership sees steady and sustained growth in the bilateral partnership, with economic and energy dimensions becoming more pronounced in recent years [4]. The ministers aimed to coordinate their efforts across several multilateral forums, including the United Nations, the G20, the Shanghai Cooperation Organisation, and BRICS [5].
Lavrov said it is a pleasure to continue the ongoing dialogue and we are confident that the target of $100 billion trade by 2030 will be achieved [6]. The discussions focused on expanding the strategic partnership to ensure stability in energy supplies and economic cooperation.
The visit served as a platform for both nations to reaffirm their commitment to a long-term partnership, one that prioritizes economic growth and diplomatic alignment in a shifting geopolitical landscape.
“the target of $100 billion trade by 2030 will be achieved”
The push toward a $100 billion trade target represents a significant scaling of economic interdependence between New Delhi and Moscow. By focusing on energy and trade, India is leveraging its strategic autonomy to secure resources while Russia seeks to maintain critical economic partnerships outside of Western spheres of influence.
