Jaishankar pushes for Russian firms to engage 'intensively' amid Trump's tariffs
PTC News Desk: External Affairs Minister S Jaishankar has pushed Russian firms to increase corporate engagement with India, indicating that tariffs and non-tariffs pose risk stalling the momentum in bilateral trade.
Speaking in Moscow at the 26th session of the India-Russia Inter-Government Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), co-chaired with Russia’s First Deputy Prime Minister Denis Manturov, Jaishankar underscored the importance of of concluding a Free Trade Agreement (FTA) between India and the Eurasian Economic Union (EAEU).
"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, fertiliser, chemicals, and machinery, being good examples. Its rapidly growing infrastructure offers business openings to enterprises with an established track record in their own country," said Jaishankar.
Jaishankar further confirmed that the terms of reference for the FTA have been finalised by the commission during the meeting in Moscow, describing it as a significant development.
He further urged the leaders of both the nations to move beyond "the beaten track" by diversifying the trade basket, setting quantifiable targets and timelines, and creating stronger links between the business forum and IRIGC working groups.
"Doing more and doing differently should be our mantras. Each sub-group should commit to concrete outcomes before the next commission meeting," he told delegates.
- With inputs from agencies
