What are the three key objectives to enhance India-Central Asia trade relations?
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Synopsis
External Affairs Minister S. Jaishankar emphasizes the need for a strategic roadmap to enhance India-Central Asia trade relations. He outlines three major objectives: deepening cooperation, diversifying trade, and ensuring sustainability. With a shared commitment, both regions can unlock their economic potential.
Key Takeaways
- Deepening cooperation is crucial for trade enhancement.
- Diversifying trade baskets provides more options and opportunities.
- Emphasizing sustainability in economic interactions strengthens partnerships.
- Long-term contracts and joint ventures are essential for predictability.
- Areas like tourism, education, and cultural exchanges hold significant potential.
New Delhi, June 6 (NationPress) External Affairs Minister (EAM) S. Jaishankar has called on the India-Central Asia Business Council to devise a strategic roadmap aimed at further enhancing India-Central Asia relations in terms of trade, economy, and investment.
During a meeting of the Business Council in the capital, EAM Jaishankar outlined three primary goals for fortifying the economic partnership — deepening current cooperation, diversifying the trade portfolio, and introducing sustainability and predictability into economic engagements.
“The first objective is to deepen existing cooperation both in terms of volume and quality. There is already a mutual recognition of the players and products in each other’s economies. However, we must build upon that foundation, with the pharmaceutical sector serving as an excellent example,” he stated.
“Secondly, we must diversify our trade baskets so that each of us has more options and competition. We are seeking new opportunities. I want our partners from Central Asia to recognize that an economy exceeding $4 trillion, growing at 6-8 percent annually, will generate new demands for products and services, leading to more prosperous lifestyles,” EAM Jaishankar stressed.
He also highlighted the importance of introducing greater sustainability and predictability in economic interactions.
“This entails more long-term contracts, cross-investments, joint ventures, and certainly sectors such as energy — whether discussing uranium, crude oil, or potentially gas, along with mining, coal, or fertilizers. These are all relevant examples for establishing long-term agreements between us,” the foreign minister elaborated.
Over the last decade, India’s trade and economic relations with Central Asia have demonstrated a notably positive trajectory. Mutual trade was under $500 million a decade ago in 2014.
Today, “we collectively have a trade volume nearing $2 billion. However, this figure does not fully capture the potential available. Addressing this issue is even more critical today due to the uncertainties in the global economy, necessitating collaboration between governments and businesses, which is why we are gathered here,” EAM Jaishankar remarked.
He also proposed five solutions to strengthen India-Central Asia economic ties: Digital Economy and Innovation, Financial Services, Healthcare and Pharma, enhancing connectivity, and streamlining transit procedures.
“In addition to these, I believe you will agree that tourism, education, films, and cultural exchanges are all significant areas that should be leveraged for their economic and business potential,” he added.
Point of View
The recent call by EAM S. Jaishankar for a strategic roadmap to enhance India-Central Asia trade relations signals a significant opportunity for collaboration. The proposed objectives not only aim to deepen existing ties but also to diversify economic interactions in a sustainable manner. This approach is crucial in navigating the uncertainties of the global economy, ensuring mutual growth and prosperity.
NationPress
07/06/2025
Frequently Asked Questions
What are the three key objectives for strengthening India-Central Asia trade?
The three key objectives are to deepen existing cooperation, diversify the trade basket, and introduce sustainability and predictability in economic interactions.
How has India-Central Asia trade evolved over the last decade?
India-Central Asia trade has shown significant growth, with a trade volume increasing from less than $500 million in 2014 to nearly $2 billion today.
What sectors are highlighted for potential collaboration?
Key sectors include pharmaceuticals, energy, mining, and agriculture, along with a focus on digital economy, healthcare, and financial services.
