Jaishankar’s push for Russian firms amid US tariffs: ‘Do more trade, contemplate more investments, joint ventures’
Jaishankar, also in his opening remarks during a meeting with Russia's First Deputy Prime Minister Denis Manturov in Moscow, emphasised the need for both countries to continuously diversify and expand their cooperation agenda.
- Aug 21, 2025,
- Updated Aug 21, 2025 8:58 AM IST
External Affairs Minister S Jaishankar, during his three-day visit to Russia, pushed for diversification of the bilateral trade basket through more joint ventures. This comes amid straining ties with the US over India’s purchases of Russian oil.
"An enduring strategic partnership must have a strong and sustainable economic component. In this context, I called on our businesses to do more trade, contemplate more investments, joint ventures, and open new frontiers of economic cooperation," he said in a post on X after a meeting of the India-Russia Business Forum.
Jaishankar, also in his opening remarks during a meeting with Russia's First Deputy Prime Minister Denis Manturov in Moscow, emphasised the need for both countries to continuously diversify and expand their cooperation agenda, including broadening the bilateral trade basket and increasing joint ventures. "Doing more and doing differently should be our mantras,” he said.
"The tariff and non-tariff barriers, removing bottlenecks in logistics, promoting connectivity through the International North-South Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok Corridor, and ensuring smooth payment mechanisms. These are the main issues before the IRIGC-TEC," he said.
The comments come at a time when relations between India and the US have cooled, following President Donald Trump's decision to double tariffs on Indian goods to 50 per cent, including an additional 25 per cent duty on India's purchase of Russian crude oil.
Jaishankar pushed for continuous diversification and expansion to fully realise the potential of trade and investment ties. "We should not get stuck on a beaten track," he said. "I would urge that we set ourselves some quantifiable targets and specific timelines so that we challenge ourselves to achieve more, perhaps even surpass what we set out to do,” he added.
"We will like the IRIGC to become even more result-oriented, relevant and readily available to the business communities of the two sides,” he said. The talks with Manturov were held under the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC).
He emphasised the importance of India-Russia ties, especially in the economic sphere, amid current geopolitical shifts.
Jaishankar also highlighted the growing trade imbalance. India's trade deficit with Russia, which was $6.6 billion in 2021, has expanded to nearly $59 billion. He said this issue needs urgent attention and urged Moscow to open its market wider for Indian exports.
External Affairs Minister S Jaishankar, during his three-day visit to Russia, pushed for diversification of the bilateral trade basket through more joint ventures. This comes amid straining ties with the US over India’s purchases of Russian oil.
"An enduring strategic partnership must have a strong and sustainable economic component. In this context, I called on our businesses to do more trade, contemplate more investments, joint ventures, and open new frontiers of economic cooperation," he said in a post on X after a meeting of the India-Russia Business Forum.
Jaishankar, also in his opening remarks during a meeting with Russia's First Deputy Prime Minister Denis Manturov in Moscow, emphasised the need for both countries to continuously diversify and expand their cooperation agenda, including broadening the bilateral trade basket and increasing joint ventures. "Doing more and doing differently should be our mantras,” he said.
"The tariff and non-tariff barriers, removing bottlenecks in logistics, promoting connectivity through the International North-South Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok Corridor, and ensuring smooth payment mechanisms. These are the main issues before the IRIGC-TEC," he said.
The comments come at a time when relations between India and the US have cooled, following President Donald Trump's decision to double tariffs on Indian goods to 50 per cent, including an additional 25 per cent duty on India's purchase of Russian crude oil.
Jaishankar pushed for continuous diversification and expansion to fully realise the potential of trade and investment ties. "We should not get stuck on a beaten track," he said. "I would urge that we set ourselves some quantifiable targets and specific timelines so that we challenge ourselves to achieve more, perhaps even surpass what we set out to do,” he added.
"We will like the IRIGC to become even more result-oriented, relevant and readily available to the business communities of the two sides,” he said. The talks with Manturov were held under the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC).
He emphasised the importance of India-Russia ties, especially in the economic sphere, amid current geopolitical shifts.
Jaishankar also highlighted the growing trade imbalance. India's trade deficit with Russia, which was $6.6 billion in 2021, has expanded to nearly $59 billion. He said this issue needs urgent attention and urged Moscow to open its market wider for Indian exports.