External Affairs Minister S Jaishankar recently met with Russian President Vladimir Putin in Moscow to discuss various economic ties, focusing specifically on trade, energy, fertilisers, and nuclear collaboration. This meeting occurred during Jaishankar’s two-day visit to Russia, with Putin set to visit New Delhi for the upcoming BRICS leaders’ summit next month. The dialogues were deemed significant as India and Russia strive to enhance their economic engagement and broaden their cooperative efforts.

During the meeting, Jaishankar reported that a prior inter-governmental commission meeting had yielded positive outcomes regarding their economic cooperation, indicating that the relationship has strengthened considerably. Jaishankar expressed his readiness to provide detailed insights on various sectors, noting the overall growth of their economic partnership.

Strengthening Fertiliser Supplies and Trade Growth

According to the state-run TASS news agency, President Putin indicated that Russia is increasing fertiliser supplies to India and remains committed to fulfilling the needs of Indian farmers and the agricultural sector. He underscored the recent uptick in trade between the two countries following a slight decline the previous year, marking a notable improvement in their trade relations for the current year.

Putin acknowledged the decades-long relationship between Russia and India, highlighting that their cooperation spans nearly all areas, including government, parliamentary interactions, and business affairs. Jaishankar extended greetings from Prime Minister Narendra Modi to Putin, reaffirming India’s eagerness for continued collaboration and upcoming meetings at both the SCO and BRICS summits.

The next SCO summit, scheduled for August 31 to September 1 in Kyrgyzstan, will further underscore the significance of these relations, while the BRICS summit is set to take place in New Delhi on September 12-13. Jaishankar’s visit is seen as pivotal for the ongoing dialogue regarding economic and strategic cooperation between the nations.

Addressing Trade Imbalances and Future Goals

Earlier on the same day, Jaishankar held discussions with Russian First Deputy Prime Minister Denis Manturov to explore ways to expand bilateral trade and economic cooperation further. During an India-Russia Inter-Governmental Commission meeting co-chaired with Manturov, Jaishankar noted an increase in bilateral trade from approximately $13 billion in 2021-22 to nearly $60 billion projected by 2025-26.

However, Jaishankar acknowledged the widening trade imbalance between the two nations, which has escalated from $6.6 billion to over $50 billion. He indicated that rectifying this imbalance is now a priority for bilateral discussions, emphasising the importance of market access, removal of tariff and non-tariff barriers, and enhanced business engagement.

Jaishankar concluded by stating that the India-Russia partnership has consistently shown resilience amid complex global circumstances. He reiterated the mutual interest shared by both nations, reflecting on the conducive environment for deepening their diplomatic and economic ties moving forward.

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