The two parties are anticipated to discuss the long-pending idea of conducting bilateral trade in the national currencies during Jaishankar’s visit.
According to people familiar with the situation, External Affairs Minister MEA is scheduled to visit the following week to discuss a range of topics related to the two countries’ relations, particularly trade, energy, defence, and connectivity.
MEA will have lengthy discussions with Sergey Lavrov, his counterpart, in Moscow. It is anticipated that the Russian side will provide the minister of external affairs with an update on the situation in Ukraine and related matters. Minister MEA visit is rumored to start on December 25. As of yet, no official word has been given. MEA visit coincides with the announcement that this year’s yearly leaders’ meeting between Russia and India will not occur.
MEA Jaishankar: India and Russia Navigate Economic Collaboration Beyond Conventions
The strategic partnership between Russia and India has endured and developed over the course of six decades, distinguished by yearly summits between the prime ministers of both countries and the highest level of institutional dialogue. There have been 21 summits in the history of this custom, which alternates between Russia and India; the most recent summit will take place in New Delhi in December 2021.
The leaders will likely discuss a number of important issues during their upcoming visit, including the long-pending idea of carrying out bilateral trade using their respective national currencies. This action highlights the partnership’s depth and complexity and emphasizes economic cooperation outside of conventional channels.
The Indian delegate emphasized in a speech on December 4 the enduring nature of the relationship between India and Russia, highlighting its roots that stretch back six decades. Most importantly, he refuted the idea that New Delhi is at a disadvantage because of this long-term partnership. These declarations demonstrate both countries’ resolve to uphold a solid and durable alliance in the face of external geopolitical difficulties.
These statements, which were made at a technology conclave, came at a time when Western countries were growing increasingly uneasy about Russia’s strong ties to India despite the situation in Ukraine. In an effort to set the scene, the Indian delegate emphasized how the relationship is long-standing and has grown gradually over a significant amount of time.
Surprisingly, the close relations between India and Russia have not been strained by the situation in Ukraine, especially the invasion by Russia. This resoluteness demonstrates both countries’ diplomatic skill as they navigate geopolitical obstacles while upholding the fundamentals of their alliance.
India has become a significant importer of crude amid concerns about crude oil around the world, adding a significant economic dimension to the relationship. India’s steady rise in oil imports from Russia highlights the independence of its foreign policy choices and economic alliances, even in the face of skepticism from Western countries.
India continues to take a nuanced position on the crisis in Ukraine. India has continuously argued that negotiation and diplomacy are the best ways to resolve the situation, even though it has refrained from calling for the invasion of Russia to be condemned outright. India’s historical commitment to non-alignment and peaceful conflict resolution is consistent with this diplomatic approach.
The emphasis on bilateral trade in national currencies as the leaders get ready for the next summit indicates a calculated move to broaden economic cooperation. These kinds of projects shield both countries from outside economic pressures while also fortifying economic ties.
In summary, despite global geopolitical changes, the long-lasting India-Russian partnership—marked by high-level institutional discussions and economic cooperation—remains robust. The upcoming summit has the potential to strengthen relations, investigate new areas of collaboration, and restate shared commitment to a long-standing strategic alliance.