Denis Manturov, Russia’s Deputy Prime Minister, and S. Jaishankar, India’s External Affairs Minister, will co-chair the Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation (IGC-TEC) meeting in New Delhi on November 12, with the goal of strengthening economic ties between the two countries. Before the major event, Manturov will attend the India-Russia Business Forum in Mumbai on Monday, which aims to strengthen ties between Indian and Russian business executives.
The IGC-TEC, which was created in 1992, remains an important platform for overseeing bilateral cooperation, regularly reviewing developments in trade and economic relations. The expected subjects of discussion include improving the payment method for bilateral commerce, raising trade settlements in national currencies, and investigating collaborative projects such as Vande Bharat trains with Russia’s Transmashholding.
The Business Forum, co-hosted by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Business Council for Cooperation with India, will focus on industrial cooperation, transportation, finance, and digital technologies.
Both countries aspire to achieve a $100 billion trade objective by 2030. Despite reaching $30 billion by 2025, India remains concerned about its relatively low export volume.
