Putin ‘looking forward’ to India visit in early December

Russian President Vladimir Putin said on Thursday he is looking forward to his trip to India in early December.

Addressing foreign policy experts at a plenary session of the Valdai Discussion Club in Sochi, Putin added that Russia would like to correct the growing trade imbalance with India.

“I also am looking forward to my trip in early December and I highly await my meeting with my dear friend, with our trustworthy partner, with Prime Minister Narendra Modi,” he said.

Answering a question from foreign policy expert B.K. Sharma, Putin stated that he has instructed his government to come up with strategies to address the trade imbalance with India, which is largely driven by New Delhi’s substantial imports of Russian oil. 

Currently, India’s exports to Russia stand at around $5 billion, while imports from Russia amount to $64 billion.

”We have a trade imbalance with India. We are aware of it. We recognize it and together with our Indian friends and partners, we are thinking of ways to perfect this trade turnover,” he said. 

The Russian president added that trade ties are not meeting their full potential and that the countries need to address key issues such as logistics and cross-border payments.

“We could acquire more agricultural products, medical products, and more could be done on our side,” he said on potential ways to reduce the imbalance. 

Putin added that the governments should try to develop the conditions to facilitate cooperation between private companies. “As for cooperation with our Indian friends, there are specifications which stem from the fact that the Indian economy is a private economy and is developing on the basis of private initiatives, and more often, you have to deal not directly with the state but with the companies, and the state, just like over here, simply regulates these relations.” 

Putin also praised the Indian prime minister. “Modi is very oriented in the interests of his nation,” he said. “And everyone in India knows that.”