New Delhi, Nov 12 (UNI) External Affairs Minister S Jaishankar on Tuesday said that while the growth in the India-Russia bilateral trade at $66 billion has been impressive, India would like it to be more balanced which will require addressing current constraints and undertaking greater facilitative efforts.
In his opening remarks at the 25th Session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural, co-chaired by Russian First Deputy PM Denis Manturov, EAM said that making it easier to do trade should be accompanied by progress in the negotiations on the India-Eurasia Economic Union FTA.
EAM said that an India that has many decades of eight percent growth at least ahead of it obviously values a reliable partner when it comes to resources, technology and best practices.
“We note Russia’s growing interest in our Make in India programme and would encourage joint ventures and other forms of collaboration.”
He said that “There have been challenges to trade, especially in regard to payment and logistics” and added that “Perceptible progress has been made in that regard but there is still some work to be done.”
“Our joint endeavours in regard to connectivity such as the International North South Transport Corridor, the Chennai-Vladivostok Corridor and the Northern Sea Route must go forward.”
He said the two sides will also be discussing cooperation critical for our food, energy and health security. Russia has emerged as a major source of fertilisers for us. Its supply of crude oil, coal and uranium are indeed important. Similarly, India’s pharmaceutical industry has emerged as an affordable and reliable source for Russia.
“Looking ahead, we are also exploring the mobility of talent and skills; customising them for the Russian market has to be a shared enterprise.
“I am confident that we will achieve the trade target of $100 billion by 2030 well before that. In parallel we will also take our partnership forward through the Programme of Economic Cooperation Till 2030 that we hope to finalise soon.”
EAM said PM Modi during his meeting with Manturov on Monday gave guidance on various issues that are part of the bilateral agenda. “His directions reflected the discussions at the annual summit in July between our leaders and their subsequent meeting in Kazan in October.”
“Our discussions today have both a bilateral context and a global scenario. As two major nations in an increasingly multipolar world a more substantive relationship between us has a larger resonance.
We welcome and fully reciprocate Russia’s growing interest in exploring economic opportunities in India. Our economies are not only complementary in many respects but benefit from the trust and confidence built over many years,” he added.
In a post on X, the EAM said:
“Co-chaired a productive and wide ranging 25th meeting of the India-Russia Intergovernmental Commission in Delhi. Thank my co-chair First DPM Denis Manturov and our delegations for their contribution.
“Our deliberations covered the complimentary and beneficial India-Russia economic and trade cooperation, reinforcing critical food, energy & health security and facilitating mobility of talent and skills.
“Confident that our deliberations today will make a strong contribution to the direction and progress of our strategic partnership.”
