India is confident of reaching USD 100 billion in annual bilateral trade with Russia well ahead of the 2030 target, External Affairs Minister S. Jaishankar said on Tuesday. He added that the growing relationship between the two countries has far-reaching global significance.

Speaking at the 25th India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), Jaishankar acknowledged the challenges faced in the trade relationship, particularly with payments and logistics. However, he noted substantial progress in addressing these issues, although further work remains to be done.