Strengthening Ties: Russia-India Trade Relations Flourish Amid Global Pressures
Russia and India foresee a 10% annual growth in trade despite global sanctions. Key sectors include energy, machines, and pharmaceuticals. Financial cooperation thrives with Rupee-Ruble transactions. Sanctions are labeled as economic weapons, with expectations of increased collaboration as pressure mounts.
- Country:
- India
Amidst global challenges and sanctions, the trade relationship between Russia and India is exhibiting resilience. According to Evgeniy Griva, Deputy Trade Representative of Russia to India, trade is projected to grow by 10% annually, with Indian exports to Russia increasing significantly, especially in sectors like machine tools and pharmaceuticals.
Griva emphasized the buoyant cooperation in financial spheres, highlighting the effective Rupee-Ruble payment system that shields transactions from sanctions-related pressures. Despite facing economic constraints, the synergy between the two nations continues to strengthen, particularly through strategic financial collaborations.
The Russian Embassy highlights the illegal nature of non-UN sanctions, arguing that such measures are an inappropriate use of economic influence. Nonetheless, the Russian economy remains on a growth trajectory due to its vast resources. Griva's comments come during a joint press conference alongside Russian Embassy's Charge d'Affaires Roman Babushkin, amid External Affairs Minister S. Jaishankar's Russia visit for strategic bilateral discussions.
(With inputs from agencies.)
Google News