Russian Deputy PM pushes for FTA with India, Jaishankar says funds problem to be labored out

Express News Service

NEW DELHI: External Affairs Minister S Jaishankar has talked about that discussions are on over the funds problem with Russia, referring to the commerce in native currencies (rupee-rouble).

“There are discussions on the payments issue under the scheme of international trade settlement in Indian rupees through the special rupee vostro account system. And I think the payments issue clearly needs to be worked through between our systems. It is something we will be discussing,” talked about Jaishankar on the India-Russia Business Dialogue which was organised by the Ministry of External Affairs in partnership with FICCI and the Business Council for Cooperation with India (BCCI).

India and Russia have a Special and Privileged Strategic Partnership.

“For the period between April 2022 and February 2023, bilateral trade was about $45 billion and is expected to grow,” Jaishankar added.

Russia has talked about that contained in the framework of the intergovernmental dialogue, they counsel to consider the potential for the massive use of nationwide currencies.

Meanwhile, Russia moreover must take its partnership with India to a special diploma by having a Free Trade Agreement (FTA).

ALSO READ | EAM Jaishankar dials US Secretary of State Blinken to debate regional and world factors

“Together with the Eurasian Economic Commission, we are looking forward to intensifying negotiations on the FTA with India. Additionally, we are working on signing the Russia-India Bilateral Agreement for the Promotion and Protection of Investments,” talked about Russia’s Deputy Prime Minister, Denis Manturov, who may also be the Minister of Trade and Industry.

To defend the concepts of free commerce, Russia has undertaken a set of measures which contains permitting import of distinctive gadgets with out consent of the rights’ householders from unfriendly worldwide areas – so-called parallel imports.

“Besides, we’ve launched the program of preferential loans and insurance of Russian importers towards procurement of priority products from foreign countries. Among the most demanded goods under this programme are components and equipment for road construction, products of chemical and pharmaceutical industries. I am sure that this will create opportunities for Indian companies to increase their supplies to Russia,” Manturov added.

Russia has moreover invited Indian firms who’re keen on joint duties to consider ‘cluster funding platform’.

“This provides preferential credits for designing and manufacturing of priority products, subsidies for pilot batches of goods, insurance premium and income tax preferences. As far as certain components and technologies are concerned we will definitely rely on trusted foreign partners. We are working in this manner with our Indian friends for decades,” Manturov added.

Russia may also be hoping to increase the frequency of Aeroflot flights to India. In addition, an India-Russia settlement on mutual security of funding may also be being labored out that will gurantee the safety of funding for every nations.

Marupov moreover met National Security Advisor Ajit Doval and talked about quite a lot of factors beneath the India-Russia Strategic Partnership.

NEW DELHI: External Affairs Minister S Jaishankar has talked about that discussions are on over the funds problem with Russia, referring to the commerce in native currencies (rupee-rouble).

“There are discussions on the payments issue under the scheme of international trade settlement in Indian rupees through the special rupee vostro account system. And I think the payments issue clearly needs to be worked through between our systems. It is something we will be discussing,” talked about Jaishankar on the India-Russia Business Dialogue which was organised by the Ministry of External Affairs in partnership with FICCI and the Business Council for Cooperation with India (BCCI).

India and Russia have a Special and Privileged Strategic Partnership.googletag.cmd.push(carry out() googletag.present(‘div-gpt-ad-8052921-2’); );

“For the period between April 2022 and February 2023, bilateral trade was about $45 billion and is expected to grow,” Jaishankar added.

Russia has talked about that contained in the framework of the intergovernmental dialogue, they counsel to consider the potential for the massive use of nationwide currencies.

Meanwhile, Russia moreover must take its partnership with India to a special diploma by having a Free Trade Agreement (FTA).

ALSO READ | EAM Jaishankar dials US Secretary of State Blinken to debate regional and world factors

“Together with the Eurasian Economic Commission, we are looking forward to intensifying negotiations on the FTA with India. Additionally, we are working on signing the Russia-India Bilateral Agreement for the Promotion and Protection of Investments,” talked about Russia’s Deputy Prime Minister, Denis Manturov, who may also be the Minister of Trade and Industry.

To defend the concepts of free commerce, Russia has undertaken a set of measures which contains permitting import of distinctive gadgets with out consent of the rights’ householders from unfriendly worldwide areas – so-called parallel imports.

“Besides, we’ve launched the program of preferential loans and insurance of Russian importers towards procurement of priority products from foreign countries. Among the most demanded goods under this programme are components and equipment for road construction, products of chemical and pharmaceutical industries. I am sure that this will create opportunities for Indian companies to increase their supplies to Russia,” Manturov added.

Russia has moreover invited Indian firms who’re keen on joint duties to consider ‘cluster funding platform’.

“This provides preferential credits for designing and manufacturing of priority products, subsidies for pilot batches of goods, insurance premium and income tax preferences. As far as certain components and technologies are concerned we will definitely rely on trusted foreign partners. We are working in this manner with our Indian friends for decades,” Manturov added.

Russia may also be hoping to increase the frequency of Aeroflot flights to India. In addition, an India-Russia settlement on mutual security of funding may also be being labored out that will gurantee the safety of funding for every nations.

Marupov moreover met National Security Advisor Ajit Doval and talked about quite a lot of factors beneath the India-Russia Strategic Partnership.