• 18 Jun, 2024

Increased trade between India and Russia is not a temporary phenomenon: Jaishankar

Increased trade between India and Russia is not a temporary phenomenon: Jaishankar

Russia has emerged as India's second-largest trading partner, with trade volume reaching $65 billion last year. Now, the South Asian country's top diplomat has stressed that this is not a temporary phenomenon.

Indian External Affairs Minister S. Jaishankar said Russia's focus on closer economic ties with its eastern bloc countries has paved new avenues for enhanced cooperation between New Delhi and Moscow and the significant increase in trade volumes between the two countries should not be seen as a temporary measure.

"Our views on Russia have long been shaped by political or security considerations. With the country's turn to the east, new economic opportunities are emerging. Our country's trade and promoting new areas of cooperation should not be questioned "This is a temporary phenomenon," Jaishankar said while addressing the Confederation of Indian Industry in New Delhi on Friday. Additionally, Jaishankar stressed that the government is considering introducing new trade routes to improve economic prospects.

To take advantage of trade routes and transport goods to new markets in less time, India worked with Russia to keep the Northern Sea Route open year-round.

Additionally, the two countries hoped to increase deliveries via the Vladivostok-Chennai Maritime Corridor, which connects Russia's Far East and southern India.

It is noteworthy that the Eurasian country and the world's largest democracy came to mutual aid in the wake of the West's unilateral economic sanctions against Russia.

India imported millions of tonnes of crude oil from Russia, helping to curb domestic inflation, but India also received shipments of fresh fruit from the South Asian country.

India also faces pressure from Western countries to side with it over the Special Military Operation (SMO) in Ukraine, which President Vladimir Putin claims is being carried out to destroy the denazification of the Eastern European nation. It is also important to remember that he has repeatedly rejected pressure to criticize Russia.