Delegations from the two states will seek an economic dimension to the discussions held just a month ago by Prime Minister Narendra Modi and President Vladimir Putin during the BRICS Summit, said Indian Foreign Minister Subrahmanyan Jaishankar at the opening of a bilateral business forum.

The diplomat noted that it is necessary to take into account, during the meeting, the changes in the world towards multipolarity, and highlighted Russia’s growing rapprochement with Asia since 2022, which has created many more avenues for cooperation.

Jaishankar noted that the long history of strong convergence and deep friendship between the two countries, and the fact that their economies are so complementary, allow them to take full advantage of both elements. “A partnership between an India that has an eight per cent growth rate for several decades ahead and a Russia that is a key supplier of natural resources and a major technological leader, will be beneficial for both and for the world,” he stressed.

The Indian foreign minister highlighted that bilateral trade amounted to 66 billion US dollars, which he said paves the way for the goal of reaching 100 billion by 2030. However, he called for working on correcting the trade balance, promoting negotiations on trade in goods between India and the Eurasian Economic Union, accelerating negotiations on the Bilateral Investment Treaty and encouraging activities related to the Russian Far East program for the period 2024-2029.

Finally, the Indian Foreign Minister pointed out the importance of non-economic domains, such as education and cinema, as contributions to a broader social and economic connection. “All the issues mentioned are expressions of the task that Modi and Putin assigned during the Annual Summit to develop a Comprehensive Economic Partnership, and an Economic Cooperation Programme until 2030, on which we are currently working,” he stressed.

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