At a forum on the NSE, Russian official Sergey Glazyev emphasized strengthening economic ties with India, revealing a free trade agreement is in the works. He highlighted the need to solve currency issues and counter US market dominance.
At the Russian-Indian Forum titled "From The Volga to The Ganges" organised by the National Stock Exchange (NSE), Sergey Glazyev, State Secretary of the Union State of Russia and Belarus, emphasised the strategic importance of strengthening economic and financial ties between India and Russia.
Fostering Bilateral Trade and Finance
Glazyev said, "India is a very important partner. Our economies supplement each other. We have resolved the trade between India and Russia. Free trade between India and Russia is being worked upon; the structure of the trade agreement is being carried out. We have common financial markets and we have no barriers. Currently, there's a problem of currency capital and this forum is perfect to solve the issue. I am very grateful to this."
Critique of US Market Dominance and India's Rise
He added that global economics has entered a phase of complexity due to current geopolitical and market developments, highlighting the challenges posed by the United States in dominating capital markets. "Similar trade war as it was during World War and US is trying to dominate the capital market," Glazyev noted.
He further pointed out India's growing influence, stating, "India is becoming a global leader, along with China, the world economy will shift to South East Asia. India is becoming a leader of innovation. On market capitalisation, India is leading the way. Leading in manufacturing. This problem of financial bubble will burst soon where US is trying to dominate."
Modernising Financial Infrastructure
Glazyev also addressed regional concerns, including the Strait of Hormuz, emphasising strategic positioning. He highlighted initiatives to modernise financial systems, including pilot projects for a digital national currency and the introduction of the intergovernmental settlement digital currency, BRICScoin.
"We are ready for it and make our integration cheaper. It will be a complicated challenge. We should work to solve it soon. We should not be in a situation where a country could use its hegemony. We should create an environment where a financial structure can be set up that will benefit all. For this, we should be open for financial integration," he said.
The forum reflected a broader vision of strengthening India-Russia relations in trade, finance, and innovation, positioning both nations to play a pivotal role in reshaping global economic dynamics in the years ahead.
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