Putin Orders To Soften Trade Imbalance With India
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Moscow -Russian President Vladimir Putin has ordered to devise measures, including buying more agricultural products and medicines from India, to soften the trade imbalance with India due to heavy crude import by New Delhi.
Putin's announcement comes weeks ahead of his visit to India in early December for an annual summit with Prime Minister Narendra Modi.
The Russian president was speaking at the international Valdai discussion forum of security and geopolitical experts from 140 countries, including from India, at the Black Sea resort of Sochi in South Russia late Thursday evening.
“The losses faced by India due to punitive US tariffs would be balanced by crude imports from Russia, plus it will gain prestige as a sovereign nation,” Putin said.
He was referring to the additional 25 per cent tariff imposed by President Donald Trump on New Delhi as a penalty for its purchases of Russian oil, taking the total levies imposed on India by the US to 50 per cent.
Putin said that to remove the trade imbalance, Russia may buy more agricultural products and medicines from India.“More agricultural products may be purchased from India. Certain steps can be undertaken from our side for medicinal products, pharmaceuticals,” Putin stated.
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