New Delhi : With the United States imposing a 50 per cent tariff on Indian goods, External Affairs Minister S Jaishankar on Thursday urged stronger trade with Moscow, calling on Russian firms to work “more intensively” with Indian partners. Speaking in Moscow alongside Russia’s First Deputy Prime Minister Denis Manturov, Jaishankar said the two countries must diversify their trade basket and expand joint ventures.
The External Affairs Minister confirmed that the commission had finalised the terms of reference for the Free Trade Agreement (FTA) during the Moscow meeting, describing it as a key step forward. India-Russia trade has surged more than five-fold in the past four years, rising from USD 13 billion in 2021 to USD 68 billion in 2024-25, largely on the back of Indian imports of Russian hydrocarbons.
At the India-Russia Business Forum later in the day, Jaishankar pressed Russian companies to invest and explore new ventures with Indian partners. “An enduring strategic partnership must have a strong and sustainable economic component. The minister urged both sides to move beyond “the beaten track” by diversifying the trade basket, setting quantifiable targets and timelines, and creating stronger links between the business forum and IRIGC working groups.
The Moscow discussions came against the backdrop of fresh strain in India-US ties after President Donald Trump doubled tariffs on Indian goods to 50 per cent, including an additional 25 per cent levy as a penalty for New Delhi’s continued purchase of Russian crude oil. The White House said the move was intended to pressure Moscow by constraining its trade partners.
Read Also : CCTV Reveals Delhi CM Attacker Scouted Residence Before Assault