‘There Are Issues…Like Trade Imbalance’: S. Jaishankar Discusses PM Modi’s Upcoming Russia Visit

Prime Minister Narendra Modi’s visit to Russia presents a significant opportunity for direct discussions with President Vladimir Putin on various issues, including trade, according to External Affairs Minister S. Jaishankar. On Sunday, Jaishankar emphasized the need to address certain unresolved issues between India and Russia.

“There are issues…like the trade imbalance…So, at a leadership level, it will be a great opportunity for Prime Minister Modi and President Putin to sit down and directly talk to each other. And then obviously, as per their directions, we will see how to take the relationship forward,” he stated.

Jaishankar also highlighted the importance of the annual summit tradition between the two nations. “Now, this was a tradition. It’s a good tradition. We are two countries that have such a strong and very steady history of working together. So both of us value very much the need for an annual summit,” he told ANI. He mentioned that he carried a message from the prime minister during his visit to Moscow at the end of the previous year, reaffirming India’s commitment to the annual summit.

After a three-year hiatus, PM Modi will travel to Russia on July 8, following an invitation from President Putin for the 22nd India-Russia Annual Summit. The last summit was held in December 2021 when President Putin visited New Delhi. During this visit, PM Modi and President Putin are expected to discuss regional and global issues of mutual interest.

India’s ambassador to Russia, Vinay Kumar, described the visit as “very significant,” noting the importance of Russia as a source of energy resources for India and the expansion of trade in other areas. He emphasized the leaders’ need to exchange views on bilateral developments and other regional and international issues.

During his stay in Moscow on July 8 and 9, PM Modi’s agenda includes a private meeting with President Putin, delegation-level talks, restricted discussions, a lunch hosted by President Putin, a visit to the VDNKH Complex’s Rosatom Pavilion, and the exchange of documents prepared for signing during the visit. PM Modi will also address the Indian diaspora.

The two leaders will discuss global matters, including the Ukraine-Russia conflict. They will also address the trade imbalance, as bilateral trade has exceeded USD 65 billion, favoring Russia. Kumar explained that efforts are underway to balance trade by expanding India’s export items and quantities while sustaining growth in bilateral trade. He mentioned exploring new export items like agricultural products, ceramic tiles, auto components, engineering goods, and chemical products, in addition to traditional exports like pharmaceuticals.