India-Russia ties poised for new phase of trade and industrial cooperation

India and Russia are set to enter a new phase of cooperation in trade, technology, and industry, according to Minister Piyush Goyal. He emphasized the potential to increase bilateral trade significantly over the next four years.

Minister Piyush Goyal said that increasing bilateral trade from the current base of around USD 60 billion to USD 100 billion would require adding about USD 40 billion in the next four years. This growth would depend on sustained double-digit year-on-year increases. He highlighted that cooperation would span from protocols to production, covering trade and industry sectors. Goyal also noted that BRICS represents nearly half of the world, implying the strategic importance of such partnerships.