Bilateral trade turnover between India and Russia grew 8% in the first half of the year, Russian First Deputy Prime Minister Denis Manturov said in Moscow on Monday, adding that both exports and imports showed expansion.

“Our goal is not only to increase the volume of trade turnover, but also to diversify its structure,” Manturov said at the 27th Session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation, which he is co-hosting with visiting Indian Foreign Minister S. Jaishankar.

India and Russia are pursuing a bilateral trade target of $100 billion to be reached by 2030, which was set by President Vladimir Putin in December when he visited New Delhi.

Jaishankar said bilateral trade has increased more than fourfold in the last four years, from around $13 billion in 2021-22 to over $60 billion in 2025-26. He also noted, however, that the rapid expansion has increased the trade imbalance. The Indian foreign minister said progress on market access, removal of tariff and non-tariff barriers, and strengthening payment mechanisms will be critical in addressing the imbalance.

Manturov said the free trade agreement (FTA) that the Russia-led Eurasian Economic Union has been negotiating with India since August last year will be a new driver for sustainable trade growth. “Its preparation is in an active stage and it is important to maintain a high pace of negotiations,” he added.

He underscored the competitive advantages of the Northern Sea Route, noting that state-backed Rosatom is discussing mutually beneficial formats for cooperation on the Arctic route. “The use of this Arctic route will reduce transport costs for economic operators,” Manturov said. India, which has shown keen interest in the route amid global shipping disruptions, plans to send its first cargo ship along the passage next year.

Manturov also stressed the need to improve mutual access of goods alongside “an expansion of direct contacts between the business circles of our countries.” He emphasized the need to stimulate business participation in exhibitions and fairs, and highlighted the international industrial exhibition ‘INNOPROM. India’, which will be held for the first time in New Delhi on the eve of the BRICS summit next month.

In his speech, Manturov highlighted a raft of areas where cooperation with India is deepening – from industrial cooperation, for its role in “ensuring the technological sovereignty of our countries” to space, in particular, “in manned spaceflight, rocket engines, and satellite navigation.”

The Russian first deputy prime minister also noted the “potential for expansion and cooperation in the metallurgy and mining industries, including joint development of deposits and processing of non-ferrous, rare, and rare earth metals.” Indian minerals and metals companies have recently reached out to their Russian counterparts as they seek to secure supplies of critical rare-earths and minerals amid global supply chain disruptions.

Manturov noted the cooperation in energy security – with India now the second largest importer of Russian crude – and underscored joint investment projects for the extraction and processing of hydrocarbons.

He added that the successful experience of cooperation on the Kudankulam nuclear power plant project could be a basis for building new power plants across India, including small-scale reactors.