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Opportunity for India as Russia Turns Towards Asia: FM Jaishankar
Opportunity for India as Russia Turns Towards Asia: FM Jaishankar
Sputnik India
Indian Foreign Minister S. Jaishankar said on Wednesday that Russia has been increasingly bolstering its economic ties with China and India since last February and moving away from its traditional economic partners in the west.
2023-03-29T18:47+0530
2023-03-29T18:47+0530
2023-03-29T19:22+0530
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Indian Foreign Minister S. Jaishankar said on Wednesday that Russia has been increasingly bolstering its economic ties with rising nations like India and China since last February, moving away from once traditional economic partners.Jaishankar suggested that while Moscow’s “posture and priorities” might change, its ongoing tilt towards Asia presents India with an opportunity to diversify its economic ties with Russia.“Till now, the bandwidth of our relationship with Russia has been narrow. It has been defense, nuclear, and space…,” Jaishankar noted, further saying that trade statistics between Russia and Asian countries reflected his point on “intensifying” economic ties.Since last year, Russia’s trade with China has increased by 30% to hit $185 billion mark.Bilateral trade between New Delhi and Moscow, on the other hand, hit $31 billion in 2022. What's more, the two have set an annual trade target of $50 billion this year.The increasing trade between Russia and the Asian economies has been mainly driven by energy exports, amid global volatility in energy prices caused by the West's efforts to phase out Russian commodities from the global supply chains.Russia-India Ties One of ‘Most Stable’ in the WorldJaishankar underscored that the bilateral relationship between New Delhi and Moscow has been “one of the most stable relationships” in international relations.He said that ties have largely remained steady since 1955 and continued to remain so even after the end of the Cold War.Earlier in March, Chinese President Xi Jinping visited Moscow to hold wide-ranging talks with Russian President Vladimir Putin.
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Opportunity for India as Russia Turns Towards Asia: FM Jaishankar
18:47 29.03.2023 (Updated: 19:22 29.03.2023) India has significantly scaled up its energy supplies from Russia since last year, with Moscow emerging as New Delhi’s top crude supplier.
Indian Foreign Minister S. Jaishankar said on Wednesday that Russia has been increasingly bolstering its economic ties with rising nations like India and China since last February, moving away from once traditional economic partners.
"Russia, as a Eurasian power, has historically looked much more towards Europe. Today, it finds its relationship with the west increasingly difficult. So, Russia is inclined in many ways to turn to the Asian side of Russia,” Jaishankar told a media conference in New Delhi on Wednesday.
Jaishankar suggested that while Moscow’s “posture and priorities” might change, its ongoing tilt towards Asia presents India with an opportunity to diversify its economic ties with Russia.
“Till now, the bandwidth of our relationship with Russia has been narrow. It has been defense, nuclear, and space…,” Jaishankar noted, further saying that trade statistics between Russia and Asian countries reflected his point on “intensifying” economic ties.
Since last year, Russia’s trade with China has increased by 30% to hit $185 billion mark.
Bilateral trade between New Delhi and Moscow, on the other hand, hit $31 billion in 2022. What's more, the two have set an annual
trade target of $50 billion this year.
The increasing trade between Russia and the Asian economies has been mainly driven by energy exports, amid global volatility in energy prices caused by the West's efforts to phase out Russian commodities from the global supply chains.
Russia-India Ties One of ‘Most Stable’ in the World
Jaishankar underscored that the bilateral relationship between New Delhi and Moscow has been “one of the most stable relationships” in international relations.
He said that ties have largely remained steady since 1955 and continued to remain so even after the end of the Cold War.
“Take all the major players, Russia-China, Russia-west, China-West, you have seen enormous volatility in their relationships,” stated Jaishankar while responding to a question concerning the growing strategic partnership between Moscow and Beijing.
Earlier in March, Chinese President Xi Jinping visited Moscow to hold wide-ranging talks with Russian President Vladimir Putin.
