Delhi: External Affairs Minister S Jaishankar strengthened the India-Russia relationship by noting that it is among the "steadiest" of major global relations. Jaishankar on Monday was addressing an event that was attended by Russian Deputy Prime Minister Denis Manturov. Addressing the issue of trade imbalance while enhancing bilateral economic cooperation, Jaishankar also stressed over the Russia's resources and technology that can make a powerful contribution to India's growth.
Trade imbalance needs to be addressed on an urgent basis
At the same time, 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. And addressing the imbalance means addressing the impediments, whether they are market access, non-tariff barriers, issues related to payments or logistics, he said.
Trade ties between India and Russia are on an upswing notwithstanding the increasing disquiet from Western powers over New Delhi's continuing economic engagement with Moscow even after the Russian invasion of Ukraine. "I think we should also be honest about the short and medium-term challenges in business," Jaishankar said, adding they are related to compliance and risk the Indian businesses are facing.
"We need to boost trade from India," Russian Dy PM Manturov
After Jaishanakar, Russian Deputy Prime Minister and Minister of Industry and Trade, Denis Valentinovich Manturov also expressed his desire to boost trade with India in order to balance Russia's merchandise trade deficit with India. "That's one of the issues which we just discussed with your colleague, so because of lack of input from India, it's not enough to use the Rupee so we need to boost the trade from India and then in this case we are looking at balance like for example, we have with China. We have USD 200 billion trade with China, and it's balanced," said Manturov on the India-Russia trade and payments issue.
India and Russia are discussing a free trade agreement, a move that would further deepen bilateral commercial ties that have flourished since war broke out in Ukraine.
(with inputs from agencies)
