External Affairs Minister Dr. S. Jaishankar stated on Monday that the relationship between India and Russia is among the “steadiest” of significant international relations and batted for addressing the issue of trade imbalance while fostering bilateral economic cooperation.
Speaking at an event where Russian Deputy Prime Minister Denis Manturov was present, Dr. S. Jaishankar stressed that there is room to expand bilateral engagement in a variety of areas and that Russia’s resources and technology can make a significant contribution to India’s growth given Moscow’s increased focus on Asia.
Despite growing concern from Western powers over New Delhi’s continued economic involvement with Moscow even after the Russian invasion of Ukraine, trade relations between India and Russia are improving. Dr. S. Jaishankar stated that they should also be honest about the short- and medium-term issues in business. He further stated that the future of economic collaboration requires the willingness and ability to look at it from the perspective of the other partner and then work for solutions that will overcome the issues.
He stated that several of the important areas, like payments, logistics, and certification, may be solved. The fertilizer trade, according to Dr. S. Jaishankar, was resolved in a manner that was considerably more agreeable to both parties last year. He added that if they look at an area, for instance, fertilizers, a similar spirit of mutuality and cooperation can be applied to other spheres to find solutions.
The relationship between India and Russia is among the “steadiest” of all the main international relationships, the minister added, and attention is being drawn to it not because it has changed but rather because it hasn’t.
Denis Valentinovich Manturov, the Deputy Prime Minister and Minister of Industry and Commerce of Russia, followed Dr. S. Jaishanakar in expressing his intention to increase trade with India in order to make up for Russia’s merchandise trade imbalance with India.
The attendees of the business meeting between India and Russia talked about methods to improve two-way economic cooperation, especially under the Intergovernmental Commission (IGC).
The IGC, according to Manturov, is a one-of-a-kind vehicle for a thorough discussion of current issues on the Russian-Indian agenda with the involvement of specialized ministries and organizations from both nations. He stated that they are not only talking about economic and trade relations but have also discussed humanitarian areas of interaction, such as education and culture. He also discussed the steps taken to increase Russia’s technological dominance. A free trade agreement was being discussed between India and Russia that would strengthen their existing business relations.
