Local Currency Trade On The Agenda: EAM Jaishankar's Four-Day Visit To Russia Begins Today

External Affairs Minister S Jaishankar will be on a four-day visit to Russia, starting from today (25 December).

During his visit to Russia, the EAM will meet Deputy Prime Minister and Minister of Industry and Trade of Russia Denis Manturov to discuss matters related to economic engagement, the Ministry of External Affairs said on Sunday (24 December).

The EAM will also meet his Russian counterpart Sergey Lavrov for discussion on bilateral, multilateral and international issues.

Focusing on the strong people to people and cultural ties between our two countries, EAM’s programme will include engagements in Moscow and in Saint Petersburg, the ministry said.

According to reports, discussions are likely to be held on the expansion of trade in local currencies, investments and enhancing defence partnership.

The bilateral trade between India and Russia during 2022-23 was $49.36 billion, The New Indian Express reported.

Indian exports were in the range of $3.14 billion, while imports from Russia were around $46.21 billion.

During April-May 2023-24, India’s trade with Russia saw 161.22 per cent increase compared to the same period last year.