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Russian hold in Asia UPSC NOTE

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  Russia’s Shift to Asia In 2022, Russia moved away from European economic ties and focused on strengthening relations with Asian countries...

 Russia’s Shift to Asia

  • In 2022, Russia moved away from European economic ties and focused on strengthening relations with Asian countries.

  • This shift was prompted by vulnerabilities in Russia’s economy tied to Western markets, which became evident after the financial crisis of 2007–08.

India-Russia Trade Growth

  • Rapid Growth: Trade between India and Russia surged from $3.5 billion in mid-2022 to $7.5 billion by May 2024.

  • During a meeting in July 2024, leaders set a goal of reaching $100 billion in trade by 2030.

  • Diverse Imports: India imports Russian oil, fertilizers, and sunflower oil, helping to manage food inflation and energy needs.

Challenges

  • Both nations pursue industrial self-sufficiency, which limits mutual economic benefits.

  • Existing sanctions hinder trade opportunities, particularly for small and medium enterprises.

  • Lack of Infrastructure: Issues like unstable payment mechanisms and insufficient logistical support complicate trade.

  • Limited joint investment projects outside military and nuclear sectors, with a need for more business-oriented tech collaboration.

  • Slow Development in Science and Education: Cooperation in these fields is lagging, which hampers mutual understanding and innovation.


The Outlook

  • The Ukraine crisis has driven Russia closer to India, but ongoing external pressures create uncertainty about long-term relations.

  • Russia’s military industry may boost exports to India, transitioning some production capabilities to civilian goods like machinery and medical equipment.

  • India needs to enhance the quality of its exports, focusing on engineering and tech products, rather than relying on assembly plants of foreign companies.

  • Increased integration in production chains and localization negotiations are essential for stable and prosperous bilateral relations.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Russian hold in Asia UPSC NOTE
Russian hold in Asia UPSC NOTE
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