Jaishankar Calls for Urgent Measures to Narrow India-Russia Trade Gap Amid Rising Tariff Concerns
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Summary: India's External Affairs Minister, S. Jaishankar, recommended a stronger trade balance with Russia, citing India's deficit and mounting US tariff issues
External Affairs Minister S. Jaishankar discussed the growing trade gap between Russia and India when he spoke at the 26th India-Russia Intergovernmental Commission (IRIGC-TEC). The heavy reliance of India on Russian oil caused the gap to exceed $59 billion, which now raises concerns about the future viability of this partnership.
Jaishankar expressed how vital it was to deal with the problem if the two countries wish to continue dealing with each other in an equal way for a long time.
He encouraged Russian organizations to grow their activities in India, pointing out the fast-developing infrastructure needs of the nation and its increasing significance in the world economy.
He also mentioned the Make in India initiative as a possible way to boost cooperation, whether via joint ventures, foreign investment, or new trade models.
The signing of the Terms of Reference (ToR) for a possible free trade agreement with the Eurasian Economic Union was yet another significant milestone. Jaishankar said this is a progress toward eliminating present trade imbalances, as long as governments and industry work together to turn discussions into tangible results.
