India and Russia are looking to strengthen their ties and increase their annual trade by about 50 per cent over the next five years to reach $100 billion. Both Russia and India are looking to boost ties amidst their mounting tensions with the US over the tariff of 50 per cent. Indian External Affairs Minister Subrahmanyam Jaishankar on his visit to Moscow said that the two countries must remove trade bottlenecks and reduce non-tariff barriers to achieve the goal. For the unversed, Russia is India’s fourth-largest trading partner, while India is Russia’s second largest.
Indian External Affairs Minister Subrahmanyam Jaishankar famous for his presence of mind and to the point answer, here at the India- Russia Business Forum in Moscow said that rising global uncertainty puts the emphasis back on “dependable and steady partners,” while quoting this Jaishankar ensured that his speech clears the motive without directly mentioning the name of the US. External Affairs Minister further added that “We are all acutely aware that we are meeting in the backdrop of a complex geopolitical situation. Our leaders remain closely and regularly engaged.”
After Donald Trump’s US imposed a tariff of 50 per cent on India no doubt has edged away from the US. Prime Minister hailed the Russian president Putin as a “friend” after a call with the Russian leader this week, and New Delhi has moved to bolster relations with China. Modi is set to visit China in late August – his first trip to the country in seven years to meet President Xi Jinping. Trump and his administration officials have criticized India for its purchases of Russian oil, seeing the trade as helping Putin finance his war on Ukraine.
Subrahmanyam Jaishankar concluding his speech also suggested that Russia and India should firmly work to diversify trade, encourage more joint ventures between their companies and meet more often to boost and smoothen the trade sectors and bumps, including payment systems.