EAM Dr Jaishankar said India-Russia relationship is among the “steadiest” of the major global relationships and the partnership is a subject of attention not because it has changed but because it has not.
He noted that Russia’s resources and technology can make a powerful contribution to India’s growth as Moscow is looking more towards Asia and stressed that there is scope to expand bilateral engagement. For India, Russia’s eastward approach could mean a broadening out of bilateral engagement that was overly reliant on the triad of military, nuclear and space cooperation.
Addressing an event attended by Russian Deputy Prime Minister Denis Manturov, Dr Jaishankar referred to “understandable concern” about the “trade imbalance” in the economic engagement between India and Russia, noting that it needs to be addressed on an urgent basis.
He emphasised that addressing the imbalance means doing away with the impediments, whether they are market access, non-tariff barriers, issues related to payments or logistics, he said.
Dr Jaishankar emphasised that the trade between the two countries should be diversified. Apart from the traditional exports of pharmaceuticals and organic chemicals, there are possibilities in auto and spare parts, electronics goods and components, medical devices, on high efficiency solar PV modules, textile & apparel, white goods, leather, ceramics, and also food and agricultural products;
The participants at the India-Russia business discussed ways to further enhance two-way economic cooperation, including within the Intergovernmental Commission (IGC).
Acknowledging that huge imbalance in trade heavily towards Russia is an issue in Rupee-Ruble trade, visiting Russian Deputy Prime Minister and Minister for Industry and Trade Denis Valentinovich Manturov said on Monday that they are keen to import manufacturing equipment including machinery from India to replace the West. His comments come in the backdrop of Western sanctions on Moscow due to the war in Ukraine and payments emerging as a major issue are India-Russia relations.
See Also: https://indiadiplomacy.in/russias-new-foreign-policy-talks-of-enhancement-of-ties-with-india/
