Russia’s Putin to meet Indian PM Modi to boost trade ties | International Trade News


Russian president and Indian PM will maintain talks in Uzbekistan on Friday to debate commerce and fertiliser gross sales, Kremlin says.

Russian President Vladimir Putin and Indian Prime Minister Narendra Modi will meet in Uzbekistan on Friday, the Kremlin has mentioned, as the 2 international locations purpose to spice up vitality and commerce ties.

“There are plans to debate problems with ‘saturation’ of the Indian market with Russian fertiliser and bilateral meals provides,” it mentioned on Tuesday mentioning the subjects of the assembly to be held on the sidelines of a summit of the Shanghai Cooperation Organisation (SCO), a regional safety bloc.

“To start with, strikes, geared toward boosting bilateral commerce flows, can be checked out. The commerce turnover reached $11.5bn within the first half of 2022, up virtually 120 p.c year-on-year,” the Kremlin mentioned.

India’s fertiliser imports from Russia rose to $1.03bn in April-July in contrast with $773.54m in the entire of the final fiscal 12 months to March 31, 2022, in response to the Indian commerce ministry’s web site.

India is in search of a three-year fertiliser import take care of Russia.

Makes an attempt to signal a long-term fertiliser import deal earlier this 12 months had been hit by the difficult geopolitical scenario after Russia launched what it calls its “special military operation” in Ukraine on February 24.

Prime Minister Modi has sought better vitality cooperation with Russia regardless of Western strain to chop ties with Moscow following the Russian aggression in Ukraine.

“India is eager to strengthen its partnership with Russia on Arctic points. There may be additionally immense potential for cooperation within the subject of vitality,” Modi mentioned final week addressing a digital assembly of the Japanese Financial Discussion board in Vladivostok.

Putin can even meet Chinese language President Xi Jinping on the sidelines of the summit in Uzbekistan’s historical Silk Street metropolis of Samarkand.
India and China are key buyers of Russian energy, serving to to cushion Moscow from the consequences of Western sanctions and permitting the 2 Asian economies to safe uncooked supplies at reductions in contrast with provides from different international locations.

The 2 Asian nations haven’t publicly criticised Moscow’s actions in Ukraine, regardless of the outcry within the West.

India, which hardly ever used to purchase Russian oil, has emerged as Moscow’s second-biggest oil buyer after China.

Refiners in India, the world’s third-biggest oil importer and client, have been snapping up discounted Russian oil, shunned by some Western international locations and corporations.

The Group of Seven international locations is working to cap the price of Russian oil from December 5 in an try to chop the worth Russia receives for oil with out lowering its petroleum exports to world markets.

To this point, India and China haven’t mentioned if they are going to be a part of the worth cap mechanism.

Oil minister Hardeep Singh Puri final week mentioned India would study the problem when extra particulars can be found. He additionally mentioned many conversations and proposals had been going down and “we’ll see who’s taking part” within the worth cap mechanism.

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