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India and Russia have agreed to work towards unlocking the full potential of their economic engagement including through addressing the trade deficit and market access issues. The two sides reviewed the entire gamut of economic ties at a meeting of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC).

The bilateral trade between India and Russia witnessed a significant expansion due to New Delhi’s increasing procurement of discounted Russian crude oil in the backdrop of the Ukraine war. The Ministry of External Affairs (MEA) said ‘the sides reviewed the entire gamut of bilateral trade and economic relationship, and agreed to work together to unlock its full potential including through addressing the trade deficit and market access issues’.

India’s trade deficit with Russia jumped significantly in the last few months after it procured significant volumes of discounted crude oil from that country. India has been focusing on expansion of trade and economic ties with Russia notwithstanding increasing disquiet over it by the Western powers in view of the Russian invasion of Ukraine.