India, Russia working on free trade deal: What's on agenda?
What's the story
India and Russia are working on a free trade agreement, Sergey Glazyev, the State Secretary of the Union State of Russia and Belarus, said. The announcement was made at the Russian-Indian Forum "From The Volga to The Ganges," organized by the National Stock Exchange in Mumbai. Glazyev stressed on how important this partnership is for both countries' economies.
Trade collaboration
Common financial markets with no barriers
Glazyev said, "India is a very important partner. Our economies supplement each other." He also said that the structure of the trade agreement between India and Russia is being worked on. The two countries also have common financial markets with no barriers. Glazyev expressed his gratitude for the forum's role in addressing currency capital issues between the two nations.
Global shift
India's growing global leadership role
Glazyev also spoke about the changing dynamics of global economics in light of geopolitical and market developments. He noted that the US is trying to dominate capital markets, much like during World War. However, he also emphasized India's growing global leadership role alongside China. "The world economy will shift to South East Asia," he said, adding that India is leading in innovation and market capitalization.
Strategic initiatives
BRICScoin pilot project underway
Glazyev also touched on regional issues like the Strait of Hormuz and their strategic significance. He spoke about efforts to modernize financial systems, including pilot projects for a digital national currency and BRICScoin, an intergovernmental settlement digital currency. "We are ready for it and make our integration cheaper," he said, stressing the need to create an environment where a financial structure can benefit all countries involved.