November 11, 2024
Jaishankar emphasised the need to address banking, payment, logistical, and insurance-related barriers
He suggested accelerating negotiations for a free trade agreement with the Eurasian Economic Union
India-Russia trade has reached US$66 billion, with an aim of US$100 billion by 2030, yet Indian exports lag at less than US$5 billion
Talks on a bilateral investment treaty need swift progress to enhance trade dynamics
External Affairs Minister S Jaishankar stated at the India-Russia Business Forum in Mumbai that India’s trade imbalance with Russia requires “urgent redressal” to ensure a sustainable trading relationship. Speaking alongside Russia’s First Deputy Prime Minister Denis Manturov, Jaishankar underscored the need to address critical trade obstacles, including banking, payment systems, and logistical bottlenecks, that inhibit Indian exports.
With a bilateral trade volume of US$66 billion, Jaishankar noted that achieving US$100 billion by 2030 is realistic. Still, current trade is skewed, with India’s exports contributing less than a tenth of the total. This disparity underscores the need for “urgent redressal,” specifically addressing non-tariff barriers and regulatory hurdles. He said speeding up negotiations for a free trade agreement with the Eurasian Economic Union and a bilateral investment treaty would provide further momentum.
Addressing the audience, Jaishankar remarked that “solutions must cater to the comfort level of all involved in trade,” emphasising that both sides must work closely to foster an environment that facilitates balanced and growing bilateral trade.
Source: Hindustan Times