New Delhi [India], December 5 : External Affairs Minister S Jaishankar elaborated on the growing ties between New Delhi and Moscow, while also pressing on the need for greater access for Indian goods in the Russian market.
He also pointed out that in addition to the oil import, India has also increased its imports of fertilizers, cooking coal and other natural resources from Russia.
The Foreign Minister was delivering remarks at the Bharat @100 event by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) on Thursday.
"What has happened with Russia in the last two years, people generally know we have been importing more oil from Russia. I think what people don't know so well that it's not only oil, we've also for example been importing other natural resources, you know cooking coal is a very good example. We've also been importing fertilizers in large amounts and to my mind this is a shift which I hope will be long term because I think this is in the interest of India," Jaishankar said at the event.
Elaborating on the requirements of the Indian economy in today's context, the Foreign Minister said that countries like Russia, Australia, Indonesia and Brazil, are "natural partners" for India, as it can help in the access of long-term sustainable natural resources.
Adding further, he said, "Look at our (India) situation today, we are today let us say a below 4 trillion dollar economy, likely to grow at 7-8 per cent for at least 2-3 decades more. What do we need to help people? We need technology. We need access on a long-term sustainable natural resources. So for we countries which are natural resources economies, you know Russia, Australia, Indonesia and Brazil, these are our natural partners, these will be important partners in times to come".
Highlighting that Indians have been "loyal customers" to Russia, Jaishankar said that New Delhi is pressing Moscow very strongly to allow greater access to Indian exports in the Russian market.
"We also need a better access to the Russian economy. So we are pressing them in the pharma industry, marine products, agro", he said.
He said that India will make progress in persuading and cajoling Russia to open doors for doing business with India.
EAM told the audience that the First Deputy PM of Russia, Denis Manturov, who was in Delhi last month, is in charge of the economic relationship and India has made a very strong pitch to them
"The Russian economy should open up much more to exports from India" in these issues," Jaishankar said, adding that "all the consumer industries in Russia will have a natural interest in Indian supplies."
Taking to social media platform X, Jaishankar said that he discussed the opportunities to boost India's trade, investment and technology linkages.
"Spoke on 'Enhancing Bharat's global partnerships' at @ASSOCHAM4India's Bharat@100 Summit in New Delhi today. Discussed opportunities for boosting India's trade, investments and technology linkages with the global markets. And the imperative for our industries to be efficient and competitive, to leverage these partnership," he stated in a post.
}}}}Spoke on ‘Enhancing Bharat’s global partnerships’ at @ASSOCHAM4India’s Bharat@100 Summit in New Delhi today.
Discussed opportunities for boosting 🇮🇳’s trade, investments and technology linkages with the global markets. And the imperative for our industries to be efficient and… pic.twitter.com/EZjVpD0HcQ
— Dr. S. Jaishankar (@DrSJaishankar) December 5, 2024
The ASSOCHAM Bharat @100 event saw the External Affairs Minister deliver wide-ranging remarks right from FTAs, and MSMEs to global partners and their importance for India.
In his remarks, Jaishankar emphasized the importance of considering domestic interests while negotiating trade deals.
He also addressed the ongoing negotiations with the European Union (EU) and the United Kingdom (UK), and Jaishankar pointed to the complexity of these discussions.
He also commented on the issue of supply chains and on China. "There are no black-and-white answers in very sharp terms. I think everything needs to be balanced. I would advocate that with China", the EAM remarked.
On the disruption of shipping routes in the Red Sea, the EAM underscored India's proactive measures to address the issue.
"It is a big concern for us. We have deployed several Navy ships in the region to mitigate the impact. The disruption has had a significant economic consequence for India," he noted.
Jaishankar also highlighted India's broader economic stakes in West Asia and the Middle East, explaining that the region's stability is crucial for India's economic interests.
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