In the wake of the Russia-Ukraine war and the western sanctions on Russia, China and India have emerged as the country’s top trading partners. President Vladimir Putin announced on Wednesday at a BRICS business event that negotiations are currently taking place between Moscow and New Delhi over the launch of Indian retail store chains in Russia.
“Contacts are being established between the business communities of the BRICS nations and Russian business circles. For instance, negotiations have been underway to boost the percentage of Chinese automobiles, machinery, and equipment in our market, and talks are currently taking place to launch Indian retail chains in Russia. Additionally,
Russia has been expanding its presence in the BRICS countries”, Putin stated in his address.
Putin did not specify which of these Indian chains might be making their way to Russia. He also asserted that Russia is strengthening various spheres of cooperation with India as well as with other BRICS nations.
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“Russian oil deliveries to China and India are increasing significantly in volume. Agriculture-related cooperation is advancing quickly.
Fertilizer exports from Russia to the BRICS nations are substantial.
Russian IT firms are growing their operations in South Africa and India, and our satellites beam TV to 40 million Brazilians”, the Russian President informed.
Russian trade back on track?
In an attempt to neutralize the impact of sanctions and keep up robust trade relations with several countries, Russia has left no stone unturned. For the first time since the war, Switzerland was also importing gold from Russia. According to figures from the Swiss Federal Customs Administration, more than 3 tonnes of gold were brought to Switzerland from Russia in May.
Since February, that has been the first shipment between the two nations. The cargoes account for around 2% of the last month’s gold imports into the major refining hub. This may also mark a change in perception of Russian bullion, which lost its credibility since the invasion, as mentioned in a Bloomberg report.
India’s unbiased stand on trade with Russia
The fact that India has been importing oil from Russia is well known. According to credible news reports, it is clear that as refineries looked to Russia and West Asia, India’s crude oil import in April 2022 reached a record high. As per the figures issued by the Ministry of Commerce, India’s import bill from Russia increased to $ 2.3 billion in April, an increase of 3.5 times in a year.
Although the western nations have tried to pressurise India to break trade ties with Russia, the Indian government and External Affairs Minister Dr. S Jaishankar have exposed their hypocrisy multiple times.
Prime Minister Narendra Modi spoke at the opening session of the virtual BRICS Business Forum on Wednesday. In addition to highlighting the crucial role played by the BRICS nations in the post-Covid economic recovery, he promoted India as a solid trading partner and attractive location for foreign investment based on its success story in a variety of fields, including technology, innovation, and entrepreneurship.
He urged networking among startups. To facilitate frequent communication between our startups, PM Modi suggested that the BRICS Business Forum should create a platform. The PM added that the administration anticipates GDP will expand by 7.5 percent this year in India.
The world’s top five emerging economies—Brazil, Russia, India, China, and South Africa—are together known as BRICS. The BRICS Leaders’ Summit is held every year. According to the abbreviation B-R-I-C-S, the forum chairmanship is annually rotated among the members. Over the past ten years, BRICS cooperation has grown to include a yearly schedule of more than 100 sectoral meetings.
The BRICS strives to strengthen, broaden, and accelerate collaboration within the member nations and ensures more sustainable, equitable, and reciprocally beneficial growth. With goals going far beyond its aim of reforming international financial institutions, BRICS is growing as a fresh and exciting political-diplomatic body.