Russian DPM, EAM Jaishankar to brainstorm on increasing Indian investments & trade
S Jaishankar and Russia’s first deputy prime minister Denis Manturov will hold a brainstorming session in Delhi on Tuesday to explore sectors for India’s investments including in Far-Eastern Russia and increasing trade to reduce trade deficit, which is currently in Russia’s favour owing to huge oil exports.
They will also discuss measures to smoothen the rupee-ruble payment mechanism. While the mechanism is functioning, large volumes of transactions often face delay due to limitations of the transaction mechanism. Also on the agenda is a free trade agreement between India and Eurasian Economic Union, according to people familiar with the matter. Besides, Russia is exploring to invest in India through some of the accumulated rupees, they said.
“On November 12, in New Delhi, Denis Manturov jointly with Minister of External Affairs of India Dr Subrahmanyam Jaishankar will hold the 25th session of the Intergovernmental Russian-Indian Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation. As part of his visit, the First Deputy Prime Minister also has a number of bilateral meetings planned,” said a statement issued by the Russian Embassy in India.
During Manturov’s visit a Russian Business Centre will be opened in Delhi which will enable Russia to promote business and help in better coordination and familiarisation between the two sides, according to officials.
Merchandise trade between Russia and India touched $65 billion in 2023, and the Russian-Asian Business Council expects it to hit $100
