The minister also called for addressing impediments of non-tariff barriers and regulatory bottlenecks to correct the bilateral trade imbalance, currently heavily in favour of Russia due to oil imports by India. Jaishankar was addressing the India-Russia Business Forum in Mumbai.
“Our bilateral trade is at $66 billion. This makes the goal of reaching $100 billion by 2030 more than realistic,” Jaishankar said in presence of Russian first deputy PM Denis Manturov.
The $100 billion target was set by both countries during the annual leaders’ summit in July.
“The balance of trade, however, needs urgent redressal since it is so one-sided. It is imperative that non-tariff barriers and regulatory impediments are speedily addressed for this to happen,” Jaishankar pointed out.
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Manturov, on his part, drew a complementary between Russia’s technological sovereignty and the “Make in India” programme.
