External Affairs Minister S Jaishankar on Monday, 24 August declared that the India-Russia partnership has consistently demonstrated resilience and adaptability even amid a complex international landscape, while flagging a sharply widening trade imbalance as one of New Delhi's foremost bilateral priorities. Jaishankar made the remarks at the 27th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) in Moscow.

Trade Surge, But Imbalance Deepens

Bilateral trade in goods has grown more than fourfold over the last five years — from approximately USD 13 billion in 2021-22 to nearly USD 60 billion in 2025-26, Jaishankar noted. However, the trade imbalance has expanded in tandem, rising from USD 6.6 billion to over USD 50 billion in the same period. 'Addressing this imbalance is today one of our foremost priorities,' he said, signalling that the rapid volume growth has not translated into a balanced commercial relationship.

Strategic Direction and the Annual Summit

Jaishankar underlined that the 23rd India-Russia Annual Summit, held in December 2025, had reaffirmed both sides' commitment to deepening long-term economic cooperation. 'Our engagement has continued to deepen, reflecting the mutual interest and confidence that define our bilateral partnership,' he said. He described IRIGC-TEC as a comprehensive mechanism with an extensive network of working groups and subgroups, but called for a sharper focus on measurable outcomes rather than process.

Call for Outcome-Oriented Working Groups

'Each working group must prioritise deliverables to be achieved before the next session and actively engage in problem-solving,' Jaishankar stated. He stressed that institutional mechanisms should stay closely aligned with industry priorities, and called for regular interaction with businesses and industry associations to identify practical bottlenecks and improve policy responsiveness. He cited the upcoming INNOPROM exhibition in India as 'a very good signal' of strengthening business-to-business engagement.

Diversification Amid Global Uncertainty

Jaishankar acknowledged that the complicated international scenario continues to generate fresh opportunities, particularly around derisking and diversification. 'Our fundamental complementarity still remains underexplored, but even the last few years have seen progress in realising this potential, and we must take that forward,' he said. He called for constant updating of the view on opportunities and exploration of new domains including energy, fertilisers, nuclear cooperation, connectivity, technology, space, and mobility.

After the Meeting

Following the session, Jaishankar thanked Denis Manturov, First Deputy Prime Minister of Russia, for co-chairing what he called a 'very productive' meeting. In a post on X, Jaishankar said discussions covered 'wide-ranging cooperation in trade, investments, energy, fertilisers, nuclear, connectivity, technology, space and mobility domains,' adding that he was 'confident that our meeting today will go a long way in deepening our practical cooperation across a range of domains.'

The IRIGC-TEC session comes at a moment when India's economic ties with Russia have deepened significantly, driven in part by energy trade, even as Western sanctions have complicated the broader geopolitical context.