Bilateral trade between India and Russia has exploded by five times! Discover the latest updates from their intergovernmental talks! ๐คโจ
In an exciting turn of events, India and Russia are taking their friendship to the next level with plans for robust employment training for Indians. At the recent 25th India-Russia Inter-Governmental Commission session, First Deputy Prime Minister Denis Manturov laid out the vision where both nations could collaborate to enhance job readiness for Indian professionals, ensuring they are well-prepared for opportunities in the Russian market. This initiative not only promises to strengthen Indo-Russian ties but also empowers the Indian workforce with new skills for the global arena.
The discussions didn't stop there! Manturov painted a rosy picture of trade between the two nations, highlighting that their bilateral trade has soared more than five-fold over the past five years. This surge signifies a strong economic partnership, with trade worth a staggering $65 billion in the 2023-24 period. Impressively, around 90% of this trade now operates using local currencies, reflecting a commitment to reducing reliance on foreign currencies and boosting economic sovereignty for both nations.
During the talks, Indian External Affairs Minister S. Jaishankar highlighted the various pillars supporting this invigorated relationship, underscoring the synergistic potential through greater collaboration. The discussions centered around expanding cooperation in sectors like technology, energy, and defense. With each meeting, the duo seems determined to make their partnership not just a momentary affair but a long-term strategic alliance, setting ambitious goals for the future.
As both countries race towards achieving a $100 billion trade target before 2030, the pace of this diplomatic dance is impressive. Interestingly, while India runs a trade deficit with Russia, the partnership is proving mutually beneficial. Did you know that India is emerging as a key player in securing Russian resources? This blossoming relationship might just lead to some exciting developments across various industries! On top of that, the emerging sector of training opportunities for Indians spells not just enhanced job prospects but positions India as a hub for skilled labor in the Russian market!
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