'Engage...intensively with India': Jaishankar urges Russian firms amid US tariffs
What's the story
External Affairs Minister S Jaishankar has called on Russian companies to engage "more intensively" with their Indian counterparts. The push comes after the United States imposed a 50% tariff on Indian goods. Speaking in Moscow alongside Russia's First Deputy Prime Minister Denis Manturov, Jaishankar highlighted India's fast-growing economy and initiatives like 'Make in India' as opportunities for foreign businesses.
Statement
Growing infrastructure offers business openings to enterprises
"An India with a GDP of USD 4 trillion plus growing at 7% for the foreseeable future has an obvious need for large resources from dependable sources. In some cases, it could be assured supplies of essential products, fertilizer, chemicals, and machinery, being good examples," he said. "Its rapidly growing infrastructure offers business openings to enterprises with an established track record in their own country," said Jaishankar.
Economic partnership
Economic cooperation between India, Russia
Jaishankar also pointed out that despite India and Russia having one of the steadiest relationships between major nations, their economic cooperation has been limited. He stressed on the need to diversify and balance trade between both countries. "Both the diversification and balancing of trade now urgently mandate more strenuous efforts on our part. At the end of the day, they are essential not just to reach higher trade targets but even to sustain the existing levels," he said.
Trade talks
Free Trade Agreement
The minister also spoke about the Terms of Reference for a Free Trade Agreement between India and the Eurasian Economic Union. He said this would be a game changer when concluded and talked about motivating joint ventures in key areas. "We spoke about motivating joint ventures in key areas where the demand is already established. Some initiatives of significant investment levels were also spoken about. Our skilling and mobility endeavors have started to take off," he added.
Collaboration call
US tariffs on Indian goods
Jaishankar stressed that businesses must step forward confidently and ensure close collaboration between government discussions and business planning. His remarks come in the wake of US tariffs on Indian goods, which have now reached 50%. Jaishankar will meet with Russian counterpart Sergey Lavrov in Moscow on Thursday. The Russian foreign ministry said the leaders will focus on "facilitating the emergence of transport, logistics, banking, and financial links and chains that would be immune to any adverse pressures from unfriendly countries."