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India-Russia Ties a 'Subject of Attention' Because They Haven’t Changed: Jaishankar
India-Russia Ties a 'Subject of Attention' Because They Haven’t Changed: Jaishankar
Sputnik India
Indian foreign minister S Jaishankar has said that New Delhi’s ties with Moscow are a “subject of attention” globally not because they have changed due to evolving geopolitics, but because they have “not changed”.
2023-04-17T16:08+0530
2023-04-17T16:08+0530
2023-04-17T16:23+0530
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Indian foreign minister S. Jaishankar believes relationship with Moscow is a “subject of attention” globally because they have “not changed” due to geopolitical tensions in Europe.Jaishankar's remarks were made in the presence of Russia’s Deputy Prime Minister Denis Manturov, who is on a two-day visit to New Delhi.Manturov will co-chair the Intergovernmental Russian-Indian commission on trade, economic, scientific, technical and cultural cooperation. The Russian delegate will attend the plenary of India-Russia Intergovernmental Consultations (IGC) on Tuesday.“We will rely on trusted foreign partners. We will make every effort to expand our cooperation ties. To exchange competence and experience in the most promising technological areas,” Manturov said.Jaishankar noted that Moscow has been "looking much more towards Asia” since last year. In this regard, Russian expertise in technology and India’s policy of ‘Make in India’ and ‘Make for the World’, which involved expanding the country’s manufacturing base, could prove to be beneficial as they looked to expand trade cooperation.There has been a significant surge in trade between Russia and Asia’s biggest economies China and India since last year. The growing commercial ties have mainly been driven by Russian energy exports to Asia, amid a global volatility in prices caused by western efforts to phase out Russian commodities from the global supply chains.Bilateral trade between New Delhi and Moscow topped a record of $35 billion in 2022. New Delhi and Moscow have set an annual trade target of $50 billion this year.FTA Between India and EAEU Likely to Be Inked SoonLauding the growing trade levels between the two countries, the Indian foreign minister expressed confidence that negotiations on the India-Eurasian Economic Union (EEAU) Free Trade Agreement would “pick up” in coming weeks.Jaishankar however expressed concerns over the "trade deficit" between the two nations. He said that the ongoing push towards Rupee-Rouble trade settlement would contribute to addressing the issue.Jaishankar also stated that India and Russia were at an “advanced stage of negotiation” for a new bilateral investment treaty, which would “provide sufficient assurance” to investors.Speaking about the importance of enhanced connectivity, Jaishankar underscored the important roles of the Moscow-backed International North South Transport Corridor (INSTC) and the Eastern Maritime Corridor, or the Chennai Vladivostok corridor.
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India-Russia Ties a 'Subject of Attention' Because They Haven’t Changed: Jaishankar
16:08 17.04.2023 (Updated: 16:23 17.04.2023) India has resisted pressure from the West to scale down its "time-tested" ties with Russia since last year: on the contrary, New Delhi has significantly bolstered its commercial ties with Moscow and vowed to diversify the trade basket.
Indian foreign minister S. Jaishankar believes relationship with Moscow is a “subject of attention” globally because they have “not changed” due to geopolitical tensions in Europe.
“Indeed, it has been among the steadiest of relationships in the world in the contemporary era,” the Indian foreign minister said at the India-Russia Business Dialogue in New Delhi.
Jaishankar's remarks were made in the presence of Russia’s Deputy Prime Minister Denis Manturov, who is on a two-day visit to New Delhi.
Manturov will co-chair the Intergovernmental Russian-Indian commission on trade, economic, scientific, technical and cultural cooperation. The Russian delegate will attend the plenary of India-Russia Intergovernmental Consultations (IGC) on Tuesday.
“We will rely on trusted foreign partners. We will make every effort to expand our cooperation ties. To exchange competence and experience in the most promising technological areas,” Manturov said.
Jaishankar noted that Moscow has been
"looking much more towards Asia” since last year. In this regard, Russian expertise in technology and India’s policy of ‘Make in India’ and ‘Make for the World’, which involved expanding the country’s manufacturing base, could prove to be beneficial as they looked to expand trade cooperation.
“For an Indian, this would mean a broadening of our cooperation, which was traditionally reliant on the Troika of defence, civil nuclear and space cooperation,” the Indian foreign minister reckoned.
There has been a significant surge in trade between Russia and Asia’s biggest economies China and India since last year. The growing commercial ties have mainly been driven by Russian energy exports to Asia, amid a global volatility in prices caused by western efforts to phase out Russian commodities from the global supply chains.
Bilateral trade between New Delhi and Moscow topped a record of $35 billion in 2022. New Delhi and Moscow have set an annual trade target of $50 billion this year.
FTA Between India and EAEU Likely to Be Inked Soon
Lauding the growing trade levels between the two countries, the Indian foreign minister expressed confidence that negotiations on the India-Eurasian Economic Union (EEAU) Free Trade Agreement would “pick up” in coming weeks.
“This would make a real difference to our trade relationship,” he stated.
Jaishankar however expressed concerns over the "trade deficit" between the two nations. He said that the ongoing push towards Rupee-Rouble trade settlement would contribute to addressing the issue.
Jaishankar also stated that India and Russia were at an “advanced stage of negotiation” for a new bilateral investment treaty, which would “provide sufficient assurance” to investors.
Speaking about the importance of enhanced connectivity, Jaishankar underscored the important roles of the Moscow-backed International North South Transport Corridor (INSTC) and the Eastern Maritime Corridor, or the Chennai Vladivostok corridor.
“The Chennai Vladivostok corridor fits in well with India’s Act East Policy,” Jaishankar said.
