Business & Economy

Rising Trade Between India & Russia Isn't a Temporary Phenomenon: Jaishankar

© PhotoImportant for Asia to Engage Moscow: Jaishankar on China-Russia Ties
Important for Asia to Engage Moscow: Jaishankar on China-Russia Ties - Sputnik India, 1920, 17.05.2024
Russia emerged as India's second-largest trading partner, with volumes touching the $65 billion mark last year. Now the South Asian country's top diplomat has insisted that it isn't a temporary phenomenon.
Russia's focus on having close economic ties with nations located in the East has opened new avenues for greater cooperation between New Delhi and Moscow and a significant jump in their trade volumes should not be considered as a temporary provision, India's External Affairs Minister (EAM) S. Jaishankar has said.
"For a long time, our views of Russia have been shaped by political or security considerations. As the country reorients itself to the East, new economic opportunities are emerging. The surge in our trade and new areas of cooperation should not be seen as a temporary phenomenon," Jaishankar said in his address at the Confederation of Indian Industry in New Delhi on Friday.
In addition to that, Jaishankar also highlighted that the government was looking at adding newer trade routes to boost its economic prospects.

As part of leveraging trade routes to transport goods to newer markets in less time, India was cooperating with Russia in a bid to keep the Northern Sea Route open all around the year.

Moreover, the two countries were looking forward to increasing shipments through the Vladivostok-Chennai maritime corridor which connects Russia's Fareast with India's south.

It is worth noting that in the aftermath of unilateral economic sanctions levied by the West on Russia, the Eurasian nation and the world's largest democratic state have come to each other's aid.

While India has imported millions of tonnes of crude from Russia, which has helped tame inflation in the country, the former has received consignments of fresh fruits from the South Asian nation.

Besides, one must not forget that India has repeatedly rebuffed Western pressure to side with it in criticizing Russia over its Special Military Operation (SMO) in Ukraine, which President Vladimir Putin has stressed is being carried out to de-Nazify the Eastern European state.
Crude oil  - Sputnik India, 1920, 09.04.2024
India's Oil Trade with Russia Surges as US Influence Wanes
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