India And Russia Aim For $100 Billion Trade Boost Amid Strained US Relations

Amid the US tariff imposition on India, the south Asian nation and Kremlin are looking to increase their annual trade volume by 50 per cent over the period of five years to $100 billion.

During a visit to Moscow, External Affairs Minister (EAM) Subrahmanyam Jaishankar said that both nations must remove trade bottlenecks and reduce non-tariff barriers to reach the goal.

Currently, Kremlin is India's fourth biggest trading partner, and the latter is Russia's second largest.

Jaishankar’s visit is the latest in a series of diplomatic efforts to fellow founding members of the BRICS group of developing countries, which have all faced prohibitive tariffs and trade threats from US President Donald Trump.

Jaishankar’s visit is the latest in a series of diplomatic advances to work around tariffs and threats from US President Donald Trump.

India’s foreign minister is on a three-day visit to Moscow for an annual bilateral dialogue, expected to pave the way for President Vladimir Putin’s visit to the South Asian country later this year.

Also Read: "Gaming Not Just Play, It Is ...," Esports Association To PM Modi

Without directly mentioning the US and its trade policies, Jaishankar said at the India-Russia Business Forum in Moscow that rising global uncertainty puts the emphasis back on “dependable and steady partners.”

“We are all acutely aware that we are meeting in the backdrop of a complex geopolitical situation. Our leaders remain closely and regularly engaged,” he said.

India has edged away from the US in the face of tariff threats. Prime Minister Narendra Modi hailed Putin as a “friend” after a call with the Russian leader this week, and New Delhi has moved to bolster relations with China.

PM Modi is set to visit China in late August — his first trip to the country in seven years — to meet Chinese President Xi Jinping as part of the Shanghai Cooperation Organisation (SCO).

Ahead of his much awaited trip to China, PM Modi met with Chinese Foreign Minister Wang Yi on second day of visit to New Delhi.