India-Russia Business Dialogue 2023
Tags: International Relations
External Affairs Minister S Jaishankar and Russian Deputy Prime Minister Denis Manturov on 17th April attended the inaugural session of "India-Russia Business Dialogue" 2023 in New Delhi.
An overview of the news
They met representatives of Russian and Indian businesses.
The participants in the business forum discussed issues of further enhancing Russian-Indian practical cooperation, including the Inter-Governmental Commission (IGC).
The External Affairs Minister S Jaishankar said that India and Russia have crossed the bilateral trade target of 30 billion dollars before the target year of 2025.
S Jaishankar talked about the importance of connectivity initiatives.
The International North-South Transport Corridor as well as the Eastern Maritime Corridor, which is the Chennai-Vladivostok Corridor, are being given due consideration.
He said that the issue of payment needs to be worked out clearly.
He also referred to the expansion of the network under the scheme of settlement of international trade in Indian Rupees through the Special Rupee Vostro Account System.
India and Russia are paying special attention to the issues of mutual access of products to the markets of both the countries.
Russia and the Eurasian Economic Commission are trying to speed up negotiations on a free trade agreement with India.
International North-South Transport Corridor (INSTC)
It is a multi-modal transport established by Iran, Russia and India on 12 September 2000 in St Petersburg.
It is a 7,200 kilometre long multi-mode network of shipping, rail and road transport for freight.
India, Iran, Afghanistan, Azerbaijan, Russia, Central Asia and Europe are involved in the corridor.
Its main purpose is to promote transportation cooperation among the Member States.
It connects the Indian Ocean to the Caspian Sea via the Persian Gulf to Russia and northern Europe.
Significance of INSTC
It aims to reduce the cost of movement of goods between India and Russia by about 30 percent and reduce transit time by more than half.
It will provide an alternative connectivity initiative to countries in the Eurasian region.
It has the potential to transform countries' economies into specialized manufacturing, logistics and transit hubs.
It opens a sustainable alternative route for India to trade with Afghanistan and Central Asia.
Prime Minister: Mikhail Mishustin
Currency: Russian ruble
President: Vladimir Putin
Official Language: Russian
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