Mint Explainer: What does Jaishankar's five-day visit to Russia aim to achieve?
India’s foreign minister S Jaishankar landed in Russia on Monday for a five-day visit, during which he is expected to meet the country’s top economic and foreign policy officials. While his agenda promises much, observers have pointed out that this is the second time prime minister Narendra Modi has skipped his annual summit with Vladimir Putin. India’s top diplomat is expected to meet with Russia's deputy prime minister Denis Manturov and foreign minister Sergey Lavrov during his visit, which ends on 29 December.
“During this visit, EAM will meet Deputy Prime Minister and Minister of Industry and Trade of Russia H.E. Denis Manturov to discuss matters related to economic engagement. EAM will meet his counterpart, the Foreign Minister of Russia H.E.
Sergey Lavrov for discussion on bilateral, multilateral and international issues," the MEA said in a press statement. On the economic front, India and Russia will likely discuss the India-Eurasia Economic Union (EEU) free trade agreement. Both countries have expressed their eagerness to sign the agreement as soon as possible.
India and Russia have also discussed ways to reduce the trade deficit between the two countries, which is heavily skewed in Moscow’s favour. India wants to increase its exports to Russia, while Russia wants to see Indian investment in the regions of the Far East. The two countries are also working on a maritime trade route to increase trade.
Bilateral trade between India and Russia reached almost $50 billion in January-September 2023, according to Russian ambassador Denis Alipov. The increase was largely due to the surge in hydrocarbon and energy flows between the two countries. The Ukraine war and other strategic questions are also likely to come up
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