RUSSIA’S OFFER TO INDIA AMID INDO-US TRADE WAR

RUSSIA’S OFFER TO INDIA AMID INDO-US TRADE WAR

21-AUG-ENG 2

RAJIV NAYAN AGRAWAL

DELHI-------------------------Amid the ongoing trade tension between India and the US, Russia has made a big offer to India. Russia has said that if Indian goods are facing obstacles in the US market, then the Russian market is fully open for Indian exports. Along with this, Russia has announced to give special facilities in its market for Indian goods and a 5% discount on Russian crude oil.

Russia's Deputy Ambassador to New Delhi Roman Babushkin said in a press conference, "Due to the 50% tariff imposed by the US on India, Indian goods are facing problems in the US market. In such a situation, Russia is ready to welcome Indian exports." Emphasizing on further strengthening energy cooperation between India and Russia, he said that the trade relationship between the two countries is not only commercial, but also strategic and practical. Babushkin accused Western countries of "neo-colonial behavior" and said that trade pressure on India is "unfair and one-sided". The proposal comes at a time when US President Donald Trump imposed an additional 25% tariff on India for buying oil from Russia, taking the total tariff on Indian goods to 50%. Russia has called this pressure illegal and expressed its commitment to further deepen its partnership with India. Babushkin said, "Russia and India's relationship is an example of a true strategic partnership. We are ready to face any challenge." Russia also made it clear that it does not expect to stop buying oil from India and the two countries will work together to find solutions for mutual interests. Referring to the recent phone conversation between Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, Babushkin said that it shows the importance of Russia for India. Apart from this, work is underway to strengthen financial cooperation to further increase trade between Russia and India. Russia's Deputy Trade Representative Evgeny Griva said that trade between the two countries is expected to grow by 10% annually.