Russia-India trade volume reaches historic high, expected to surpass $50B by end of 2023

By Elena Teslova

MOSCOW (AA) – Trade between Russia and India has reached a historical level and is expected to surpass $50 billion by the end of this year, Indian Foreign Minister Subramanyan Jaishankar said on Wednesday.

At a news conference in Moscow following a meeting with his Russian counterpart Sergey Lavrov, Jaishankar emphasized that trade ties have become "more balanced and stable."

The minister noted that the implementation of the North-South transport corridor project will open up new avenues for Russian-Indian economic cooperation.

"This project is in line with our interests and the interests of the entire global economy. It is one of our top priorities," he stressed.

Jaishankar also invited Russian tourists to India, saying he hopes to see more of them now as Moscow and New Delhi have increased the number of flights to each other countries.

The top Indian diplomat also said during his meeting with his Russian counterpart, the two ministers discussed regional issues such as the situation in the Gaza Strip, Ukraine, Asia-Pacific, and Afghanistan, as well as BRICS (Brazil, Russia, India, China, and South Africa) cooperation.

Jaishankar described bilateral meetings between Russia's Vladimir Putin and India's Narendra Modi as an "annual tradition," expressing confidence that such a summit would take place in 2024.

Later in the day, Jaishankar will meet with Russian President Vladimir Putin.

- Moscow 'aware' of West plan in Ukraine

Sergey Lavrov, for his part, said Russia and India have outlined the steps required to launch the North-South transport corridor, and he expects that the project will be implemented in the near future.

Commenting on reports that the West intends to halt the conflict in Ukraine and present Kyiv as the victor, Russia's top diplomat said Moscow is well aware of the West's intention, with sarcastic remarks about the US, to declare "victories."

"We know how they 'won' in Vietnam, Afghanistan, and Iraq... In 2003, the US invaded Iraq and a month later announced that a 'victory for democracy' had taken place there," he noted.

The minister refused to comment on differences between Ukraine's military and political leadership, saying it is an "internal affair of a country that lost its independence and is being ruled from outside."

Russia started its "special military operation" in Ukraine in Feb. 2022.