The answer is preparing. India and Russia seek to increase their annual trade by approximately 50 % in the next five years to reach $ 100 billion, seeking to reduce customs tasks, reports. Bloomberg. And this, while the two countries see tensions with the United States. Moscow is New Dehli’s fourth commercial partner, while India is even Russia’s second commercial partner.
On Wednesday, Indian Foreign Minister, Subrahmanyam Jaishankar, said during a visit to Moscow that the two countries had to eliminate commercial obstacles and reduce barriers not from the Tariff to achieve this goal. This three -day visit to the Russian capital should serve as a previous requirement for the arrival of President Vladimir Putin on Indian soil before the end of the year. It is also part of a strengthening of links between the founding members of the BRICS group, composed of developing countries particularly exposed to US customs tasks.
Looking for “reliable and stable partners”
Subrahmanyam Jaishankar said during the commercial forum between the two countries that the growing uncertainty throughout the world emphasized “reliable and stable partners”, without explicitly citeing Washington’s commercial policy.
In recent weeks, India has moved away from the United States due to customs threats launched by Donald Trump to him. At the same time, Prime Minister Narendra Modi talked about Vladimir Putin as a “friend” after a telephone interview between the two leaders this week. In addition, New Delhi currently operates by heating its diplomatic but also commercial relations with the other Asian giant, China. The head of the Indian government should meet with President Xi Jinping in Beijing at the end of the month, which will have been his first trip to China for seven years.
“Irrazonable” American Customs Duties
Donald Trump and the members of his administration strongly criticized India for their Russian oil purchases, saying that they were financing Vladimir Putin’s war against Ukraine. At the beginning of the month, the US president, therefore, established a 25 % customs customer in Indian products that enter the United States and threatened to double him to take him to 50 % on August 27. This rate would seriously damage the competitiveness of $ 85 billion in annual Indian exports on US soil.
With tracking of the surcharges of the White House tenant as “Irrazonable”, India insists on his right to stock up the cheapest supplier. And for a good reason, Russian black gold is sold at a small price due to the many western sanctions that have attacked it for three years, so it is a lever for India to contain its inflation.
As such, Subrahmanyam Jaishankar begs to diversify Indo-Ruso trade and also wants to promote associations between companies in the two countries. Finally, the Indian Minister of Foreign Affairs suggests more frequent meetings between New Dehli and Moscow to reduce difficulties related to payment systems.
Source: BFM TV
