Andlib Akhter
India’s External Affairs Minister Dr. S. Jaishankar and Deputy Prime Minister of Russia Mr. Denis Manturov during a virtual meeting today reviewed India-Russia Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC).
The External Affairs Ministry said, both the leaders reviewed the progress achieved under the IRIGC-TEC framework. They gave guidance to prepare ground for the next meeting of IRIGC-TEC which will be held in New Delhi. The two sides agreed to work together to unlock the full potential of India-Russia bilateral trade and economic relations including addressing the trade deficit and market access issues.
The Inter-governmental Commission 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 1992.
The co-chairs also provided guidance to prepare the ground for the next in-person meeting of the IRIGC-TEC to be held in New Delhi at mutually convenient dates, the external affairs ministry said in a statement.
“The two 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,” the statement said.
Russia has become the largest supplier of oil to India since New Delhi began snapping up discounted Russian crude in the wake of Western sanctions slapped on Moscow over the war in Ukraine.