Tuesday, 02 January 2024 12:17 GMT

Russia Places Ties with India at Forefront as Foreign Ministers Meet


(MENAFN) Russia’s foreign policy is placing the India relationship at the forefront, Foreign Minister Sergey Lavrov told his Indian counterpart, S. Jaishankar, as both nations work to expand economic and strategic cooperation.

The two leaders met in Moscow on Monday ahead of Russian President Vladimir Putin’s upcoming trip to New Delhi for a bilateral summit with Indian Prime Minister Narendra Modi.

Lavrov emphasized the importance of resilient trade and logistics networks, stating: “We are building transport and logistics chains that are not subject to external illegal influence. We are enhancing the items that constitute our mutual trade, and we build up the mechanisms for making sure that we are not hindered by illegitimate impact imposed by third parties.”

Jaishankar highlighted ongoing negotiations on multiple bilateral projects and agreements, noting they will “certainly add more substance and texture” to the Moscow-New Delhi partnership. He described India-Russia relations as a longstanding “factor of stability in international relations” whose growth benefits “not only in our mutual interest but also in that of the world.”

Putin’s visit comes amid mounting Western scrutiny of Moscow-New Delhi ties. The United States recently imposed a 50% tariff on India, including a 25% surcharge on Russian oil imports, accusing India of “funding” the conflict in Ukraine through its energy purchases.

India has rejected such criticism, insisting its energy decisions are guided by “national interest,” even as it continues to expand trade with the US. In a recent development, New Delhi signed a one-year deal to buy liquefied petroleum gas from the US, accounting for nearly 10% of its annual purchases.

Economic balance is high on the summit agenda. India’s exports to Russia total $5 billion, while imports from Moscow reach $64 billion. Both nations are targeting bilateral trade of $100 billion by 2030.

Discussions are also expected to cover logistics and cross-border payments. India’s commerce secretary, Rajesh Agrawal, recently visited Moscow to review progress on the proposed India–Eurasian Economic Union (EAEU) Free Trade Agreement.

The two governments are exploring expanded military cooperation, particularly in technology transfers for aviation, naval, and missile systems, signaling a deepening of strategic ties.

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