Russian First Deputy PM Denis Manturov and EAM S Jaishankar co-chaired the 27th IRIGC-TEC, pushing for an India-EAEU FTA and trade diversification. They discussed cooperation in energy, space, and connectivity to deepen their economic partnership.
Highlighting that a free trade agreement between the Eurasian Economic Union (EAEU) and India will serve as a “new driver of sustainable trade growth,” Russian First Deputy Prime Minister Denis Manturov on Monday emphasised the need to diversify trade structures beyond traditional fuel and fertiliser supplies as bilateral trade surged by 8% in the first half of 2026. Co-chairing the 27th session of the Russian-Indian Intergovernmental Commission (IRIGC-TEC) alongside External Affairs Minister S Jaishankar in Moscow, Manturov stated that expanding trade volumes must go hand-in-hand with structural diversification.
According to the First Deputy Prime Minister, a new driver of sustainable trade growth will be a free trade agreement between the Eurasian Economic Union and India, which is currently under active preparation. “Our task is not only to increase trade volumes, but also to diversify their structure. Alongside Russia’s traditional supplies of fuel and mineral fertilisers, trade is expanding in agricultural and food products, machinery, metals and forestry products. At the same time, imports from India include pharmaceuticals, agricultural products, industrial raw materials, equipment and components, as well as light-industry goods,” he said, according to the remarks shared by the Russian Ministry of Foreign Affairs.
Boosting Business Engagement
To support this expansion, Manturov called for increased business participation in trade fairs, highlighting the upcoming international industrial exhibition INNOPROM India in New Delhi ahead of the BRICS Summit as a key platform for discovering new partners and joint projects. He further invited Indian representatives to participate in upcoming Russian forums. “To this end, we need to encourage greater business participation in trade fairs and exhibitions. In this context, I would particularly highlight the international industrial exhibition INNOPROM India, which will be held in New Delhi for the first time ahead of the BRICS Summit. I am confident that it will become an effective platform for finding new partners and discussing promising joint projects. For our part, we will be glad to welcome our Indian colleagues at major international events in Russia later this year, including the Eastern Economic Forum in Vladivostok, Russian Energy Week in Moscow in October, and the Made in Russia Forum in November,” he stated.
Energy, Infrastructure and Cultural Ties
Addressing clean energy and infrastructure ties, Manturov pointed to the successful cooperation on the Kudankulam Nuclear Power Plant as a model for further expansion. “This could include the construction of new generating facilities in India, including small-capacity units, as well as localising the production of equipment and nuclear fuel,” he said. “In addition, Rosatom is discussing mutually beneficial forms of cooperation with Indian partners in developing the Northern Sea Route. Its competitive advantages are clear today, and using this Arctic route would help reduce transport costs for businesses,” he added.
On cultural and educational exchanges, the First Deputy Prime Minister noted that over 1,000 cooperation agreements have been established between Russian and Indian universities, with the number of Indian students studying in Russia approaching 40,000 in 2026.
HIs remarks come as India is set to host the 18th BRICS Summit next month in the national capital, bringing together leaders of the grouping’s 11 member countries. BRICS brings together eleven major emerging markets and developing countries of the world, including Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates. The grouping serves as a platform for consultation and cooperation among member countries on contemporary issues of global and regional significance, including matters related to global political and economic governance.The upcoming summit in New Delhi is expected to provide an opportunity for member countries to discuss issues of common interest and strengthen cooperation across various areas.
Jaishankar on Strengthening Economic Partnership
Meanwhile, EAM Jaishankar hailed the “productive meeting” with Manturov and noted that the discussions focused on topics ranging from trade cooperation and investments to nuclear energy, space and mobility. “Held a very productive meeting of the 27th India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation. Thank First DPM Denis Manturov for co-chairing this key mechanism. Our discussions focused on our wide – ranging cooperation in trade, investments, energy, fertilizers, nuclear, connectivity, technology, space and mobility domains,” Jaishankar wrote in a post on X.
He noted that Russia and India underscored the significance of strengthening the bilateral economic partnership and addressing the needs of “de-risking and diversifying.” “As our economic partnership enters the next phase, underscored the importance of: Focusing on implementation and outcomes to prioritise sector’ – specific deliverables and actively engage in problem – solving. Further strengthening our engagement with businesses by aligning institutional mechanisms with industry priorities, identifying practical bottlenecks and improving policy responsiveness. Constantly updating our view of opportunities and exploring new possibilities. To realise our complementarities and address the needs of de-risking and diversifying. Confident that our meeting today will go a long way in deepening our practical cooperation across a range of domains,” he added.
Putin Receives Jaishankar
Earlier in the day, Russian President Vladimir Putin received Jaishankar who is is on a two-day official visit to Russia from August 23 to 24 at the invitation of First Deputy Prime Minister of the Russian Federation Denis Manturov. Welcoming Jaishankar, Putin said the visit underscored the level of relations established between Russia and India over several decades. “Your visit today underscores the level of relations that has long been established between Russia and India, over decades. We continue to work together in virtually all areas. This includes governmental ties, interparliamentary ties, and economic cooperation,” Putin said.
The Russian President also asked Jaishankar to convey his best wishes to Modi and expressed hope of meeting him within the framework of the SCO Summit. (ANI) He also noted the increase in bilateral trade this year and credited Modi’s personal attention to the development of India-Russia relations. (ANI)
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