India, Russia agree to boost bilateral trade

NEW DELHI: Foreign minister S Jaishankar held a virtual meeting with Russia's deputy PM and minister for trade and industry Denis Manturov and co-chaired the India-Russia Inter-governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC).
Both sides agreed to work together to unlock the full potential of India-Russia bilateral trade and economic relations including through addressing the trade deficit and market access issues, said the government in a statement.

IRIGC-TEC is a mechanism for regularly monitoring bilateral progress across the sectors of trade and economic cooperation between the two countries. It was set up by an agreement on Inter-governmental Commission on Trade, Economic, Scientific and Technological Cooperation signed in May 1992. So far, 23 IRIGC meetings have been held.
"The co-chairs reviewed the progress achieved in the various working group and sub-group meetings under the IRIGC-TEC framework since their meeting in Moscow in November 2022 and gave guidance to prepare ground for the next in person meeting of IRIGC-TEC which will be held in New Delhi at mutually convenient dates," said the government.