India and Russia share one of the "steadiest" relationships in the global arena, according to External Affairs Minister S Jaishankar. Speaking at an event attended by Russian Deputy Prime Minister Denis Manturov, Jaishankar highlighted the importance of addressing the issue of trade imbalance between the two countries while enhancing bilateral economic cooperation. He acknowledged the "understandable concern" about the trade imbalance, which needs to be addressed on an urgent basis.
Jaishankar emphasized that Russia's resources and technology can play a significant role in India's growth, given Moscow's increasing focus on Asia. He also stressed that there is enormous potential to expand the bilateral engagement in diverse areas, such as trade, economic, education, and cultural cooperation.
Despite the Western powers' increasing disquiet over India's economic engagement with Moscow, trade ties between India and Russia are on the rise. However, Jaishankar acknowledged that there are short and medium-term challenges in business, such as compliance and risk faced by Indian businesses. He urged both countries to address the impediments, whether it's market access, non-tariff barriers, payment-related issues, or logistics.
The minister cited the fertiliser trade as an example of mutual cooperation and finding solutions. He said if both countries can work together to overcome these challenges, they can enhance two-way economic cooperation further.
Payments, logistics, and certification are the key areas where India and Russia can cooperate. Manturov stressed the importance of the Intergovernmental Commission (IGC) in facilitating comprehensive discussions of topical issues on the Russian-Indian agenda. The IGC is a unique mechanism that brings specialized departments and organizations from both countries together to discuss trade, economic relations, education, culture, and other areas of interaction.
Manturov also talked about Russia's measures to strengthen technological sovereignty. Both countries agreed to work towards developing mutually beneficial and stable business ties, which would benefit not only their economies but also their citizens.
In conclusion, India and Russia's steady relationship can serve as a model for the world. The two countries have found ways to address challenges and enhance cooperation, despite external pressures. Their partnership is a subject of attention not because it has changed but because it has not. As Jaishankar said, "the future of our economic cooperation requires the willingness and ability to look at it from the point of view of the other partner and then come up with solutions that will overcome the obstacles."
