New Delhi: The export of Russian oil and coal to Indian markets has been one of the main features of India-Russia bilateral talks involving External Affairs Minister S Jaishankar and Russian Foreign Minister Sergey Lavrov.
Both countries agreed to explore ways to expand the export of Russian oil and coal to Indian markets as EAM Jaishankar and Russian Foreign Minister Sergey Lavrov discussed to bolster ties between the two countries.
Jaishankar has long been voicing support for India's oil imports from Russia while indirectly ducking criticism towards the West for pressuring New Delhi to reduce its trade with Russia amid the war in Ukraine.
In January, the EAM defended India's decision to import Russian oil. He cited the instance of Europe, which he said, imported six times more than India since Feb 2022. India's demand for Russian oil has increased ever since it started trading on discount as the West abandoned it to punish Moscow for its invasion of Ukraine
On Wednesday, Lavrov described energy cooperation as a strategic area of the overall relationship that Russia intends to strengthen. He said, "We agreed on the expansion of the exports of Russian hydrocarbons to the Indian market as well as the cooperation in the peaceful use of energy".
Further, Jaishankar described Russian energy, fertilizers, and cooking coal as big components of the bilateral trade and pointed out that the two sides had talked about long-term arrangements for these commodities. "How do we reach long-term arrangements in that regard was a big part of our discussion. We discussed mutual investments, and the need to progress on a bilateral investment treaty", he said.
Despite pressure from the US and EU following the Russian invasion of Ukraine, India continues to purchase Russian energy and other commodities such as fertilisers. India has been refraining from condemning the Russian invasion of Ukraine but has consistently called for the end of hostilities in Ukraine.
Jaishankar, who is on a five-day visit to Russia to discuss various bilateral and global issues, arrived in Moscow on Monday and interacted with leading representatives of the Russian strategic community and discussed connectivity, multilateralism, big power competition, and regional conflicts.
Following his talks with his Russian counterpart, Jaishankar described "India-Russia relations as very steady and strong.' "They are based on our strategic convergence, on our geopolitical interests, and because they are mutually beneficial," he said.
He reiterated that India has a very substantial relationship, both in terms of Indian investments in Russia and in oil and gas, which both sides are seeking to expand. India and Russia are also looking to expand in nuclear energy. "Yesterday we signed two important amendments, which will take the Kudankulam nuclear power project forward", Jaishankar told reporters in Moscow after the talk.
Both sides also agreed that the negotiations between India and the Eurasian Economic Union for a free trade agreement will be resumed in the second half of January this year.
Jaishankar and Lavrov also discussed political cooperation about various international issues, including international organizations, and BRICS, of which Russia will be the President; SCO, etc.
On Tuesday, EAM had a meeting with the co-chair of the India-Russia Intergovernmental Commission, Deputy Prime Minister Denis Manturov, and noted that the trade between the two nations crossed $50 billion turnover last year.
"We expect to exceed that this year. And what is important is that this trade is more balanced. It is sustainable, and it provides for fair market access. I think that was very much part of my discussions yesterday and a little bit today with Minister Lavrov as well", Jaishankar said on Wednesday.
The two sides further discussed ways to bolster trade and connectivity; connectivity from western India through the International North-South Transport Corridor. Also connectivity from eastern India, from Chennai to Vladivostok, and the polar route. They discussed various related areas where India's polar capabilities could be enhanced in collaboration with Russia.
They also talked about cooperation in Russia's Far East and at multilateral forums such as the United Nations, SCO, and the BRICS grouping. The Russian side reiterated its support for India's membership of a reformed UNSC.
The global strategic situation including Ukraine, Gaza, the Indo-Pacific, ASEAN, Afghanistan, and UN-related matters also figured in the meeting between the two ministers.
Jaishankar’s visit assumes greater significance as India and Russia will not hold their annual leaders’ summit this year. The last summit was held in New Delhi in December 2021, and Russian President Vladimir Putin’s travels have been cut short since the start of the invasion of Ukraine in February 2022.
The visit also acts as an opportunity for the Russian side to brief Jaishankar about the status of the ongoing Russia-Ukraine conflict.
Jaishankar's visit comes at a crucial juncture soon after Russia became the chair of the BRICS bloc. The expansion of BRICS also featured in India-Russia talks. India's worry can be Pakistan's bid to to join the BRICS in 2024. Again, India is weary of increasing China-Russia ties and wants to offset China's influence in the group for strategic interest.
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