During a recent visit to Moscow, India’s External Affairs Minister S Jaishankar emphasized the significance of Russia’s collaboration in India’s self-reliance initiatives and ‘Make-in-India’ programs, aiming to modernize the economic relationship between the two nations. Former Indian Foreign Secretary Kanwal Sibal notes the continuity in India’s strategy to bolster economic and defense ties with Russia. Jaishankar’s trip, including discussions with Russian Foreign Minister Lavrov and participation in the IRIGC-TEC which he co-chairs, has been notable, particularly due to the context of Western sanctions against Russia.
The meetings signal India’s intent to maintain and grow its economic relationships with Russia based on its national interests, independent of its ties with Western countries. In meetings with Russian Deputy Prime Minister Manturov, Jaishankar, accompanied by a delegation of senior officials from various Indian ministries, sought to chart a course for enhancing bilateral trade and economic relations, with a target of reaching $30 billion by 2025. This goal aims to address trade imbalances and improve market access, promoting long-term stability. Despite the growth in bilateral trade in 2022, there is an emphasis on sustainability and the facilitation of more Indian exports to Russia.
Energy and fertilizer cooperation have been identified as strengthening areas, though there is an awareness of potential supply chain disruptions due to Russia’s engagement in Ukraine. Jaishankar highlighted the interconnectedness of the global economy and the broad impacts of significant conflicts, expressing concerns about energy and food security, particularly for the Global South. India advocates for dialogue and diplomacy and offers support for initiatives that aim to stabilize the global economy. This visit is not an indication of India’s offer to mediate the conflict, as previously speculated, but rather a reaffirmation of India’s commitment to its long-standing economic partnership with Russia.
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