External Affairs Minister S. Jaishankar emphasized the importance of trust and confidence in the longstanding India-Russia relationship during his remarks at the 25th session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation (IRIGC-TEC) on November 12, 2024. He highlighted that the two economies benefit significantly from the trust built over decades, which has facilitated a steady increase in bilateral trade, currently estimated at approximately USD 66 billion.

Jaishankar expressed confidence that India and Russia would achieve their ambitious target of USD 100 billion in annual bilateral trade well before the 2030 deadline. He acknowledged existing challenges related to logistics and payment systems but remained optimistic about overcoming these hurdles through continued cooperation and negotiation efforts, including discussions on a Free Trade Agreement (FTA) between India and the Eurasian Economic Union.

The minister noted that the relationship has evolved beyond traditional areas such as defence and energy to include emerging sectors like pharmaceuticals and technology. He pointed out that India's pharmaceutical industry has become a reliable supplier for Russia, while Russia has emerged as a key provider of crude oil, fertilizers, and uranium for India's energy needs.

Jaishankar's remarks emphasizes the strategic significance of the India-Russia partnership in an increasingly multipolar world, asserting that their cooperation has broader implications for global stability and economic development.