NEW DELHI: External Affairs Minister Dr. S Jaishankar today, April 17, said that India will work with Russia to resolve trade imbalances.
The minister said, "There are understandable concerns about trade imbalance and we need to work with our Russian counterparts to address this imbalance," while speaking at the India-Russia business conversation held by industry group FICCI.
Concerning immediate and long-term difficulties, we should be open and honest. There can be excessive compliance. He added that both parties need to be motivated to encourage business.
The 'Make in India' initiative is only one example of the significant changes that are taking place. India will become a major centre for manufacturing, that much is clear. I want to highlight the benefit of "Make in India," Jaishankar said.
Russian deputy prime minister, Denis Manturov, was also present on the occasion.
The importance of connectivity is being discussed, and both maritime and north-south corridors have been taken into account. The settlement of foreign commerce in the Indian rupee and other payment-related issues are also being discussed, according to Jaishankar.
Manturov on his part said, "Because of want of imports from India, it is not enough to use Rupee. . Increased trade with India is required. In this scenario, balance is what we are focusing on. As an illustration, take our trade with China, which is balanced at 200 billion dollars. He was addressing the payments and commerce issue between Russia and India.
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