On Monday, ministers said India and Russia are negotiating a free trade pact to boost their commercial ties, which have grown since the Ukraine crisis.
S. Jaishankar told an event in New Delhi that India was in “advance agreement” on a trade deal that Russia’s Trade and Industry Minister Denis Manturov stated would secure bilateral investment.
India has urged for discussion to end Russia’s “special military operation” in Ukraine, but it has not directly condemned it.
Russia, a defense equipment provider, replaced Iraq as India’s top crude oil supplier last month. Russian imports to India rose almost fourfold to $46.33 billion in the year to March 31.
Manturov said Moscow wanted to import more Indian machinery to balance the trade.
“We need to find a niche in the products which India can replace,” he told reporters on the sidelines. “Civil projects require as much cooperation as before the sanctions.”
As Western sanctions hurt Moscow’s capacity to maintain critical industries, including autos, aircraft, and trains, Reuters reported in November that Russia might purchase more than 500 products from India.
India wants to reduce its trade deficit with Russia, its biggest military equipment supplier, and fourth-largest pharmaceutical market.
Jaishankar said Russian technology might benefit Indian business and that New Delhi addressed payments, certification, and logistical difficulties.
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