New Delhi: External Affairs Minister S Jaishankar on Thursday said India was not the biggest importer of Russian oil and admitted that he was "perplexed" by the higher tariff imposed by Washington even though New Delhi's purchase of oil from the US had increased. He emphasised the need to increase bilateral trade in a “balanced and sustainable manner,” which included increasing Indian exports to Russia.
Jaishankar Engages in High-Level Talks in Moscow
Jaishankar, who is in Moscow on a three-day visit, made these remarks at a joint press briefing with Russian Foreign Minister Sergey Lavrov after their meeting on Thursday. He later called on President Putin.
Calling upon Moscow to redress non-tariff barriers and other regulatory impediments, he said Indian goods and services had a ready market in Moscow.
India’s “relationship with Russia has been among the steadiest of the major relationships in the world since WWII,” the minister said. “Enhancing Indian exports to Russia in sectors like pharmaceuticals, agriculture, and textiles will certainly help to correct the current imbalance. Steps to ensure a long-term supply of fertilizers were also taken up. Indian skilled workers, especially in IT, construction, and engineering, can address the labor needs in Russia and deepen collaboration.”
India Not Top Importer of Russian Oil, Jaishankar Clarifies
His remarks came a day after Moscow had declared its willingness to become a ready market for Indian goods. Asked to respond to recent comments made by President Donald Trump’s trade adviser Peter Navarro, who had dubbed Indian crude oil purchases from Russia as “opportunistic,” Jaishankar stated that he would not comment upon any particular person but would respond to the issue at hand. Dismissing Navarro’s allegations, he said that India was not the largest purchaser of Russian oil, China was. For Russian LNG, the biggest purchaser was not India but Europe. Jaishankar also refuted the US assertion that India had the highest surge in trade with Russia post-2022.
Expressing his bewilderment with the US, he said. “The Americans said we should do everything to stabilise the world energy markets, including buying oil from Russia. Incidentally, we also buy oil from the US, which has increased. So, quite frankly, we are perplexed with the argument.”
The minister’s visit was also in line to finalise a common agenda between India and Russia that would be announced when Putin visits India at the end of the year. Lavrov stated that discussions had been made on this front, and a “solid package of documents” would be in place by the end of the year before Putin’s visit.
Trade is likely to play a major role in the package. India and the Eurasian Economic Union (EAEU), comprising Armenia, Belarus, Kazakhstan, Kyrgyz Republic, and Russia, have signed the Terms of Reference (ToR) to launch negotiations on a Free Trade Agreement (FTA) while the minister was there. The need for an FTA with the trading bloc has been seen by New Delhi as a priority given the US tariffs. Jaishankar has pushed the case to redress the “imbalance” in India-Russia trade throughout his visit. The minister who co-chaired the 26th Session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) with Russia’s First Deputy Minister Denis Manturov on Wednesday pointed out that while bilateral trade between the two countries had grown, so had the trade deficit figure, which now stood at $58.9 billion.
