On Monday, Indian external affairs minister S. Jaishankar and Deputy prime minister Of Russia Denis Manturov held a virtual meeting to discuss bilateral trade and economic cooperation, including the deficit in bilateral trade.
The Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation between India and Russia (IRIGC-TEC) met to review the progress made by the panel’s various working groups and subgroups since its previous meeting in Moscow in November 2022.
The co-chairs also provided guidance to prepare the ground for the next in-person meeting of the IRIGC-TEC, which will be held in New Delhi on mutually convenient dates, according to a statement from the external affairs ministry.
“The two sides agreed to collaborate to realise the full potential of India-Russia bilateral trade and economic relations, including by addressing trade deficit and market access issues,” according to the statement.
Since New Delhi began buying discounted Russian crude in response to Western sanctions imposed on Moscow over the Ukraine conflict, Russia has become India’s largest supplier of oil. Last month, Russian envoy Denis Alipov stated that trade with India would reach a new high of $30 billion in 2022, with Russian oil supplies to India increasing 36-fold.
However, as India’s exports have remained stagnant, trade has become skewed in favour of Russia.
The inter-governmental commission is a mechanism for tracking bilateral trade and economic cooperation progress. It was established as part of the May 1992 Agreement on Inter-governmental Commission on Trade, Economic, Scientific, and Technological Cooperation.
The IRIGC held its first meeting in September 1994. So far, 23 IRIGC meetings have taken place.
In September 2018, the IRIGC held its 23rd session in Moscow. The review meeting on Monday laid the groundwork for the next meeting, which will be hosted by India.
