External Affairs Minister S Jaishankar is on a tour of Russia. During this time, he has expressed concern about the trade imbalance between India and Russia. ,times of India, According to the report of India’s trade deficit has reached $ 58.9 billion, which has already increased about nine times. The Foreign Minister said that work should be done immediately to reduce this deficit.

External Affairs Minister Jaishankar and Russian Foreign Minister Sergei Lavrov will hold a meeting on Thursday (August 21). Earlier, Russia said that logistic, banking and financial chain will have to be promoted. Both countries will benefit from mutual agreement.

What did Jaishankar say on business with Russia

On the other hand, External Affairs Minister Jaishankar expressed concern over the trade with Russia. He said, “Trade between India and Russia has increased five times to $ 68 billion in 2021 to $ 68 billion in 2021, but along with this trade imbalance has also increased. It was earlier $ 6.6 billion, which is now to $ 58.9 billion. ”

He suggested to balance the trade and said, “It is our priority to remove the problems of tariffs and tariffs without tariffs. This will speed up the import-export process and save the time of traders. Their cost will also be saved. ” Jaishankar said that India and Russia’s trade is a target to reach $ 100 billion by 2030.

Trump’s relief to China, India’s increased tariff

The US had first imposed 25 percent tariff on India, but then increased to 50 percent. Trump had warned India several times to increase the tariff. They have trouble buying oil from Russia in India. Although China and America themselves buy oil from Russia, Trump gave relief to China. Despite this, India did not leave Russia.