India, Russia Set $100bn Trade Target Despite US Pushback

 India, Russia Set $100bn Trade Target Despite US Pushback

The Indian external affairs minister is in Moscow for three days of talks focusing on economic cooperation

India and Russia plan to increase their annual trade to $100 billion over the next five years – an increase of 50 percent – despite US opposition to the growing cooperation between New Delhi and Moscow, a top Indian minister announced on 21 August.

During the first day of a three-day visit to Moscow on Wednesday, Indian External Affairs Minister Subrahmanyam Jaishankar emphasized the need for India and Russia to broaden their trade ties, foster additional joint ventures between their companies, and hold more frequent meetings to resolve issues such as payment systems.

Russia ranks as India’s fourth-largest trade partner, while India holds the position of Russia’s second-largest.

“We are all acutely aware that we are meeting in the backdrop of a complex geopolitical situation. Our leaders remain closely and regularly engaged,” he said while speaking at the India–Russia Business Forum in the Russian capital.

Jaishankar added that rising global uncertainty puts the emphasis back on “dependable and steady partners.”

🔗SOURCE ➡️ The Cradle

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