Russia to focus more on Asia from 2022, opportunities for cooperation between the two countries will increase: S. Jaishankar

Addressing the India-Russia Business Forum in the country’s financial capital Mumbai on Monday, External Affairs Minister Dr. S. Jaishankar said that Russia has focused more on Asia from the year 2022. This has created many more opportunities for cooperation. A long history of strong convergence and deep friendship gives us the opportunity to take full advantage of both factors. The External Affairs Minister said that the two economies complement each other, this is also an important consideration. Such a partnership with India, whose market will grow together at 8% growth for decades to come, would be good for both countries and the world.

Emphasized 10 important developments

Addressing the India-Russia Business Forum in Mumbai, External Affairs Minister Dr. S. Jaishankar said that I want to highlight 10 important developments that need our attention.

1. Today our bilateral trade is 66 billion dollars. Its target of reaching 100 billion dollars by the year 2030 is reasonable.
2. The trade balance needs to be improved urgently as it is very one-sided.
3. The India-Eurasian Economic Union trade-commodity talks began in March this year. We need to pursue this vigorously.
4. The first bilateral investment forum was held in Moscow in April 2024.
5. A program of cooperation in relation to the Russian Far East for 2024-29, including in the connectivity sector, was signed during the annual summit in July.
6. Mutual agreement of trade in national currencies is very important, especially in the current circumstances.
7. The signing of the bilateral agreement on Authorized Economic Operators between the customs authorities of our two countries in May 2024 has had a major impact on the ease of doing business.
8. The three connectivity initiatives between us – the International North-South Transport Corridor, the Chennai-Vladivostok Corridor and the Northern Sea Route, all require sustained attention if we are to realize their full potential.
9. Russia’s growing appreciation for Make in India as a program to deepen trade will certainly help advance our cooperation in many areas.
10. I would like to draw your attention to the importance of non-economic sectors like education or film, which contribute to a greater social and economic engagement among us.

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