19th April 2023 (7 Topics)
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India moves to deepen economic ties with Russia
Context
India and Russia discussed “trade deficit” during the just-concluded India-Russia Inter-governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC).
Key-highlights
- The sides reviewed the entire gamut of bilateral trade and economic relationship, and agreed to work together to unlock its full potential including addressing the trade deficit and market access issues.
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The Inter-governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) is a mechanism to monitor the progress of bilateral trade and economic cooperation. |
Where is India focused at present?
- India’s trade deficit with Russia jumped significantly in the last few months after it procured significant volumes of discounted crude oil from that country.
- India has been focusing on expansion of trade and economic ties with Russia notwithstanding increasing disquiet over it by the Western powers in view of the Russian invasion of Ukraine.
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Trade relations
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How is Russia attempting to build relations outside the west?
- Russia is now attempting to build closer relations outside the west.
- It recently welcomed the Chinese President, Xi Jinping, to Moscow, where both countries vowed to deepen military cooperation.
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