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India, Russia talk free trade deal in step-up of ties
India, Russia talk free trade deal in step-up of ties
India-Russia relationship ‘steadiest’ of major global relations: EAM
New Delhi: India and Russia are discussing a free trade agreement (FTA), the Russian Trade Minister said on Monday, an announcement that could deepen bilateral commercial ties that have flourished since war broke out in Ukraine.
The FTA talks mark a step-up in economic relations between the two coun tries despite calls from Western countries for India to gradually distance itself from its dominant weapons supplier, Russia, over its February 2022 invasion of Ukraine. External Affairs Minister S Jaishankar strengthened the India-Russia relationship by noting that it is among the "steadiest" of major global relations. He was participating in an event that was attended by Russian minister Denis Manturov.
Addressing the issue of trade imbalance while enhancing bilateral economic cooperation, Jaishankar also stressed over the Russia's resources and technology that can make a powerful contribution to India's growth.
At the same time, Jaishankar referred to "understandable concern" about the "trade imbalance" in the economic engagement between India and Russia, noting that it needs to be addressed on an urgent basis. "We pay special attention to the issues of mutual access of production to the markets of our countries," Russian Deputy Prime Minister Denis Manturov, who is also the Trade minister, told an event in New Delhi.
"Together with the Eurasian Economic Commission, we are looking forward to intensifying negotiations on a free trade agreement with India."
Foreign Minister S Jaishankar said the Covid pandemic had disrupted discussions on an FTA between India and the Russian-led Eurasian Economic Union, and that he hoped "our colleagues will pick up on this ... because we do believe it will make a real difference to our trade relationship".
Manturov said road construction material and equipment and chemicals and pharmaceutical products were in demand in Russia and "I am sure that this will create opportunities for Indian companies to increase their supplies to Russia".
The announcement came at a time when New Delhi is also engaged in FTA discussions with Britain, the European Union and the Gulf Cooperation Council.
Manturov also said Russia would consider widening the use of "national currencies and currencies of friendly countries".
