Washington. New Delhi: External Affairs Minister S Jaishankar has urged Russian companies to engage more deeply with their Indian partners in the wake of the US imposing a 50 per cent tariff on India and stressed on expanding India-Russia trade.

Noting that India’s fast-growing economy and initiatives like ‘Make in India’ have opened up new opportunities for foreign businesses, he said, “India has a GROSS domestic product (GDP) of USD 4 trillion and a growth rate of 7 per cent for the foreseeable future.”

It clearly needs large supplies from reliable sources. In some cases, it can be an assured supply of essential products, fertilizers, chemicals or machinery. India’s rapidly expanding infrastructure also offers great business opportunities for enterprises with experience. ’

“Make in India and other such initiatives have opened new doors for foreign businesses. India’s modernization and urbanization have created their own demand from changes in consumption and lifestyle. All of these dimensions invite Russian companies to engage more deeply. Our endeavour is to encourage them to participate in that occasion. ’

Recalling that India and Russia have long strengthened stable relations between major countries, he said, “But that has not automatically resulted in economic cooperation.” Our business structure is limited and so far the volume of trade was also small. Although it has increased in recent years, the trade deficit has increased. Therefore, trade diversification and balance is urgently needed. It requires hard work not only to reach higher trade targets, but also to maintain current standards.

External Affairs Minister S Jaishankar stressed the need for deeper cooperation to promote and accelerate development. India is ready to consider more investments, joint ventures and new forms of cooperation, he added.

“Both India and Russia can do a lot for development. Our aim is to create a conducive environment for economic activity. Apart from business, there is a growing desire to think about investment, joint ventures and other forms of cooperation. Deputy Prime Minister Manturov and I are here to take this forward. Our clear message is that a sustainable strategic partnership must have a strong and sustainable economic aspect. ’

Jaishankar also spoke about the Free Trade Agreement between India and Eurasian Economic Union. “Today, we have fulfilled the terms of reference for the India-Eurasian Economic Association (FTA). Its conclusion will definitely make a difference. We discussed encouraging joint ventures in areas where demand has already been established. Some important investment-level initiatives were also discussed. Our skill and mobility efforts have already begun. The desire to improve connectivity has also been expressed through various options. ’

“The most important thing is that businesses should move forward with confidence. Moreover, close collaboration between government discussions and businesses’ plans should be ensured. ’

The US currently imposes a 25 per cent ad valorum duty on Indian goods. In addition, an additional 25 percent additional fee will be applicable from August 27. Against this backdrop, Jaishankar has taken positive initiatives to increase trade with Russia.