Unlocking the Potential: India-Russia Economic Cooperation Reaches New HeightsFour months after Prime Minister Narendra Modi and Russian President Vladimir Putin met for the annual India-Russia Summit, increased business opportunities in trade and investment are being worked upon by the two sides. The India-Russia Business Forum in Mumbai on Monday saw External Affairs Minister (EAM) S Jaishankar and Russian First Deputy Prime Minister Denis Manturov discuss ways to strengthen economic ties between the two nations.

Strengthening Bilateral Trade and Investment

Diversifying Trade Structure and Reducing Barriers

Speaking at the India-Russia Business Forum, EAM Jaishankar emphasized the importance of diversifying the trade structure between the two countries. He urged Russia to remove non-tariff barriers to allow greater access for Indian products in the Russian market. Jaishankar also highlighted the significance of conducting trade in national currencies, stating that "Mutual settlement of trade in national currencies is of great importance, especially in the current circumstances."

Achieving the $100 Billion Trade Target

Jaishankar revealed that the current India-Russia bilateral trade stands at $66 billion and expressed the goal of reaching $100 billion by 2030. To achieve this target, he called for addressing the imbalance in trade, stating that "The balance of trade, however, needs urgent redressal since it is so one-sided." Jaishankar emphasized the need to address non-tariff barriers and regulatory impediments to facilitate this growth.

Leveraging Complementary Strengths

Recognizing the complementary strengths of the two nations, Jaishankar highlighted Russia's position as a key natural resources provider and a major technology leader. He expressed India's interest in collaborating with Russia in sectors such as oil, gas, coal, uranium, and fertilizers. Jaishankar also noted India's potential to be a significant player in these industries.

Navigating Geopolitical Challenges

Despite the challenges posed by the US-imposed sanctions, Russian First Deputy Prime Minister Manturov expressed optimism about the continued strengthening of Russia-India business relations. He stated that the two countries "demonstrate their readiness for further cooperation," highlighting their resilience in the face of geopolitical tensions.

Exploring Emerging Technologies and Sectors

Manturov outlined the priority technological areas of Russia's development, including the transport industry, unmanned technologies, and alternative fuels. He also mentioned Moscow's focus on increasing the potential of the nuclear sector, production of high-power turbines, equipment for solar and wind generation, and improving LNG technologies.

Strengthening Institutional Mechanisms

The article also mentioned the upcoming opening of a 'business centre' in New Delhi by the Russian Embassy, as well as the scheduled meeting of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation in the capital. These institutional mechanisms are expected to further facilitate and streamline the economic cooperation between the two nations.Overall, the India-Russia Business Forum has set the stage for a renewed focus on strengthening the economic ties between the two countries, with a particular emphasis on diversifying trade, reducing barriers, and leveraging complementary strengths in various sectors. As the two nations navigate the geopolitical landscape, their commitment to enhancing bilateral trade and investment remains a key priority.