India, Russia hold discussions to boost bilateral trade

Russian Deputy Prime Minister Denis Manturov and India's Foreign Minister, S Jaishankar co-chaired the discussion

March 8, 2023

The co-chairs discussed the progress made in various working group and sub-group meetings under the IRIGC-TEC framework

Both sides have agreed to work together to maximize the potential of bilateral trade and economic relations

The focus will be on resolving issues related to market access and trade deficit

Thus far, 23 IRGC meetings have been held

The Deputy Prime Minister and Minister for Trade and Industry of Russia, Denis Manturov, and  India’s Foreign Minister, S Jaishankar co-chaired the India-Russia Inter-governmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), according to media reports

During the meeting, the co-chairs discussed the progress made in various working group and sub-group meetings under the IRIGC-TEC framework since their last in-person meeting in Moscow in November 2022. They also provided guidance to prepare for the next in-person meeting of IRIGC-TEC, which will be held in New Delhi at mutually convenient dates.

In a statement released by the government, it was mentioned that both sides have agreed to work together to maximize the potential of bilateral trade and economic relations between India and Russia. The focus will be on resolving issues related to market access and trade deficit. 

The statement emphasized the commitment of both countries to enhance their bilateral cooperation in trade, economic, scientific, technological, and cultural domains.

The IRIGC, signed in May 1992, serves as a platform for regularly monitoring the progress of bilateral cooperation across various sectors. Thus far, 23 IRGC meetings have been held.

Source: Times of India

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