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By Press Trust of India: Noting that the India-Russia relationship is among the “steadiest” of major global relations, External Affairs Minister S Jaishankar on Monday batted for addressing the issue of trade imbalance while enhancing bilateral economic cooperation.
Addressing an event attended by Russian Deputy Prime Minister Denis Manturov, Jaishankar said Russia’s resources and technology can make a powerful contribution to India’s growth as Moscow is looking more towards Asia and stressed that there is scope to expand the bilateral engagement in diverse areas.
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.
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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.
“I would say that really what the future of our economic cooperation requires is the willingness and ability to look at it from the point of view of the other partner and then come up with solutions which will overcome the obstacles,” he said.
He said payments, logistics and certification are some of the key areas, and it is possible to find solutions to them.
Jaishankar said both sides found ways in the fertiliser trade last year in a much more mutually acceptable way.
“If we can look at an area like fertiliser, the same spirit of cooperation and mutuality can be applied to other areas and find solutions,” Jaishankar added.
The minister also noted India-Russia relationship is among the “steadiest” in major global relations and the partnership is a subject of attention not because it has changed but because it has not.
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The participants at the India-Russia business discussed ways to further enhance two-way economic cooperation, including within the Intergovernmental Commission (IGC).
“The IGC is a unique mechanism for a comprehensive discussion of topical issues on the Russian-Indian agenda with the participation of specialised departments and organisations of the two countries,” Manturov said.
“We are talking not only about trade and economic relations but also about humanitarian areas of interaction, such as education and culture,” he said.
He also spoke about the measures taken to strengthen Russia’s technological sovereignty.
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