The Russian president spoke at the international Valdai discussion forum, which gathered security and geopolitical experts from 140 countries, including India. The event took place at the Black Sea resort of Sochi in South Russia late Thursday evening.
Addressing the forum, President Vladimir Putin commented on the economic impact of the punitive US tariffs imposed on India. “The losses faced by India due to punitive US tariffs would be balanced by crude imports from Russia, plus it will gain prestige as a sovereign nation,” Putin said, according to PTI. He was referring to the additional 25 percent tariff imposed by former US President Donald Trump on New Delhi as a penalty for its purchases of Russian oil, which took the total levies imposed on India by the US to 50 percent.
To help remove the trade imbalance between Russia and India, Putin suggested that Russia may buy more agricultural products and medicines from India. “More agricultural products may be purchased from India. Certain steps can be undertaken from our side for medicinal products, pharmaceuticals,” he stated, as reported by PTI.
The Russian president further mentioned that he had instructed the Russian government to develop proposals to present to “Indian friends and counterparts on the most promising areas of cooperation and how Russia can smoothen the imbalance in trade and other areas,” according to the state-run news agency TASS.
Highlighting the potential for closer economic cooperation, Putin pointed out that trade turnover between Russia and India is about USD 63 billion, compared to USD 50 billion with Belarus. “At the same time, the population is 1.5 billion in India and 10 million in Belarus. It obviously does not correspond to our potential opportunities,” he stressed.
“There is a need to solve the whole range of tasks to unlock our opportunities and potential advantages,” stated Putin, identifying financing, logistics, and payment bottlenecks as key concerns.
Emphasizing the long-standing positive relationship, Putin underlined that Russia had “never had any problems or interstate tensions with India. Never,” noting that both countries always considered each other’s sensitivities in their actions.
He highlighted the “special” nature of Russia-India relations since the Soviet Union era, when India was fighting for its independence. “In India, they remember this, they know it, and they value it. We appreciate that India has not forgotten it,” Putin remarked.
Referring to Prime Minister Narendra Modi as his “friend,” Putin noted that he feels comfortable in their trustworthy interactions. He lauded India’s nationalist government led by PM Modi, calling him a “balanced, wise,” and “nationally oriented” leader. “Everyone in India knows this well,” Putin added, particularly praising India’s decision to ignore US pressure to halt oil imports from Russia.
Putin also recalled the upcoming 15th anniversary of the declaration of a special strategic privileged partnership between Russia and India, declaring, “That’s what it really is.”
Discussing political relations, he noted that Russia and India almost always coordinate their actions. “We always hear and take into account the positions of our countries on various key issues. Our foreign ministries work very closely together,” Putin said.
In addition, he welcomed the idea of a joint fund to develop artificial intelligence and other cutting-edge technologies, a proposal made by Dr. Arvind Gupta, Director General of the New Delhi-based Vivekananda International Foundation (VIF), who was attending the Sochi forum.
https://www.mid-day.com/news/world-news/article/russian-president-vladimir-putin-orders-to-soften-trade-imbalance-with-india-23597008
