New Delhi: External affairs minister S Jaishankar and Russia’s first deputy prime minister Denis Manturov on Wednesday co-chaired the 26th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) with the aim of boosting trade, investment, and energy partnership including LNG exports by Russia and the rupee-rouble mechanism.
The issue of US tariffs and its fallout on India, and global trade dynamics are also understood to have been discussed. Talks are ongoing for expansion of the Rupee-Ruble mechanism.
Russia sees potential to export liquefied natural gas (LNG) to India, news agency RIA quoted Manturov as saying. He also said, according to RIA, that Moscow was counting on expanding nuclear energy cooperation with New Delhi. Rosatom so far remains the only foreign partner to build a nuclear power plant in India, and it is currently engaged in setting up small modular reactors.
On Thursday, Jaishankar will meet his Russian counterpart Sergey Lavrov. Ahead of the meeting, Russia’s foreign ministry said the meeting’s agenda will focus on facilitating the emergence of transport, logistics, banking and financial links and chains “that would be immune to any adverse pressures from unfriendly countries, while also increasing the use of national currencies in their mutual settlements”.
Expanding cooperation in transport, energy, agriculture, science and technology will also be on the meeting’s agenda, according to the Russian foreign ministry.
The two foreign ministers will also coordinate their positions on the latest international developments, paying special attention to interactions within the United Nations, BRICS, the SCO, and the Group of Twenty. This will be Jaishankar’s third meeting with Lavrov since June.
Looking to expand bilateral industrial cooperation, the two sides are also exploring joint projects in strategic sectors, including civil aircraft manufacturing, metallurgy, and the chemical industry.
India and Russia are also exploring collaboration for a modernised wind tunnel facility, production of small aircraft piston engines, and joint development in carbon fibre technology, additive manufacturing, and 3D printing, rare earth and critical minerals extraction, underground coal gasification, and creation of modern industrial infrastructure.
