1 week ago
Putin Pledges More Fertiliser as India-Russia Trade Accelerates
Russia’s president, Vladimir Putin, said Russia can send more fertiliser to India.
Fertiliser helps farmers grow crops.
He said Russia is trying to protect Indian farmers from supply problems caused by the West Asia conflict.
Putin also said trade between Russia and India is growing this year.
India’s foreign minister, Subrahmanyam Jaishankar, said trade has increased greatly over the past five years.
However, India buys much more from Russia than Russia buys from India.
India wants to reduce this trade gap and reach $100 billion in trade by 2030.
Putin and Indian Prime Minister Narendra Modi may meet at upcoming international meetings.
Vladimir Putin assured India that Russia can increase fertiliser supplies amid West Asia conflict-related disruptions.
Putin said India-Russia trade turnover is growing this year after declining slightly last year.
Subrahmanyam Jaishankar said bilateral goods trade rose from about $13 billion to nearly $60 billion.
Jaishankar identified the trade imbalance, market access and payment mechanisms as key priorities.
Putin and Narendra Modi are expected to meet at the SCO Summit and potentially the BRICS Summit.
- Who
- Russian President Vladimir Putin and India’s External Affairs Minister Subrahmanyam Jaishankar; Prime Minister Narendra Modi is expected to meet Putin.
- What
- Putin assured India of potentially increased Russian fertiliser supplies, while officials discussed trade, energy, technology and other cooperation.
- Where
- The meeting with Putin took place at the Kremlin in Moscow; future meetings are planned for Bishkek and New Delhi.
- When
- The discussions took place on Monday; further meetings are expected later this month and possibly next month.
- Why
- Russia wants to address fertiliser supply disruptions, while India seeks to expand bilateral trade and reduce its trade imbalance with Russia.
India’s Trade Priorities
Russia’s Trade Position
Reducing the trade imbalance
India’s Trade Priorities
India considers reducing the trade imbalance a foremost priority and wants progress on market access, tariff and non-tariff barriers, payment systems and business engagement.
Russia’s Trade Position
Russia highlighted growing trade turnover and said broader cooperation, including nuclear energy and high-tech sectors, is progressing steadily.
Fertiliser supplies
India’s Trade Priorities
India needs reliable fertiliser supplies for its farmers amid supply-chain disruptions linked to the West Asia conflict.
Russia’s Trade Position
Putin said Russia is already increasing supplies and is willing to provide more to address India’s needs.
Key facts
- Fertiliser assurance
- Putin said Russia is increasing fertiliser supplies to India and is ready to increase them further.
- Trade growth
- Jaishankar said bilateral goods trade grew from about $13 billion in 2021-22 to nearly $60 billion in 2025-26.
- Trade target
- India and Russia aim to achieve $100 billion in bilateral trade by 2030.
- Trade imbalance
- Jaishankar said the imbalance increased from $6.6 billion to more than $50 billion.
- Indian oil imports
- Kpler data cited by the Financial Times showed Indian imports of Russian oil exceeded 2.6 million barrels per day in June and July, up from 1 million barrels per day in February.
- Upcoming meetings
- Putin and Modi are scheduled to meet at the SCO Summit in Bishkek later this month and may meet again at the BRICS Summit in New Delhi next month.
Quotes
Vladimir Putin
President of Russia
“Addressing this imbalance is today one of our foremost priorities. Progress on market access, removal of tariff and non-tariff barriers, strengthening payment mechanisms, and stronger business-to-business engagement will be critical for addressing this imbalance and achieving our shared objective of $100 billion of bilateral trade by 2030.”
telegraphindia.com
“We are doing everything to address this issue for Indian farmers, for agriculture; we are increasing these supplies and are ready to do so further. And all other issues related to nuclear energy, cooperation in high-tech sectors, and other areas — they are all on the agenda, and progress is progressing quite steadily.”
telegraphindia.com
Sources
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