External Affairs Minister S Jaishankar, elaborated on India’s global approach on Monday, and said that it is not ‘transactional’ but is rather aimed at developing long-term partnerships with other countries.

The Foreign Minister was delivering remarks at the India-Russia Business Forum where he highlighted 10 points of convergence for taking the relationship of the two countries forward.

During his speech, Jaishankar reminded that the Business Forum commences barely 3 months after the Annual Summit between President Putin and PM Modi in Moscow and another cordial interaction during the BRICS summit in Kazan last month.

“Those occasions have provided a strategic direction, whose economic dimension we seek to realize through this gathering”, EAM noted.

He highlighted that as the world is moving towards greater multi-polarity, it becomes essential to devise appropriate methods of cooperation to keep up with the times.

Jaishankar said, “We have a long history of strong convergence and deep friendship allows us to make the best of both factors. That the two economies are so complementary is also a key consideration. A partnership between an India that has an 8 per cent growth rate for multiple decades ahead, and a Russia that is a key natural resources provider and a major technology leader, will serve both of them and the world well”.

Earlier, Russian President Vladimir Putin had referred to India as “a natural ally of Russia” at the Valdai Discussion Club.

Jaishankar said that there are 10 key developments the two countries must focus on.

The EAM gave a call to take up the trade between India and Russia to 100 billion dollars by 2030, and along with it, vigorously taking forward the India-Eurasian Economic Union trade.

Increasing cooperation in the Russian Far East was emphasised by the Foreign Minister, which was also discussed during the Annual Summit in Moscow this year.

He further highlighted another critical aspect of the relationship, which is to ultimately create a better trade balance with national currency settlements.

Jaishankar also gave a call for continued attention to the three important connectivity projects the two countries are working on. These were also highlighted by the First Deputy PM of Russia in his speech. These include the INSTC, Chennai-Vladivostok Corridor and the Northern Maritime Route.

“A growing Russian appreciation of Make In India as a program to deepen business will certainly help to take forward our cooperation in many many domains,” he told the gathering.

Speaking about the longstanding economic partnership between the two countries, he added, “We are all aware of the complementary nature of our respective economies. If we recognize that fully, then it also follows that our approach is not transactional but aimed at building long-term partnerships”.

“In energy domains such as oil, gas, coal or uranium, India will always be a major player in the international markets. This applies as well to the demand for fertilizers of various kinds. Constructing a mutually beneficial arrangement will help us both address the volatility and the uncertainty of our times,” Jaishankar further said.

He gave a call to the leaders gathered to come up with mutually workable solutions for the benefit of both partner countries.

The bilateral relationship between India and Russia has remained strong and stable over more than 75 years. The India-Russia partnership has been among the steadiest of the major relationships in the world in the contemporary era with a shared commitment to a multipolar world and continues to expand beyond the traditional areas of military, nuclear and space cooperation.