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Hans India
4 days ago
- Business
- Hans India
India seeks to bolster Central Asia trade ties
New Delhi: External Affairs Minister (EAM) S Jaishankar has urged the India-Central Asia Business Council to recommend a roadmap for further deepening of India-Central Asia ties in trade, economic and investment. Addressing the Business Council meeting in the national capital, EAM Jaishankar highlighted three broad objectives for strengthening the economic partnership — deepen existing cooperation, diversify the trade basket and introduce sustainability and predictability in economic interactions. 'One, is to deepen the existing cooperation both in terms of volume and in terms of quality. There is already I think a recognition in each others countries and each others economies of the players and of the products. But, we must build further on that foundation and a very good example here is actually the pharmaceutical sector,' he told the gathering. 'Two, we need to diversify our trade baskets so that all of us have more options and we have more competition and in a way we are looking for new opportunities. I would like our friends from central Asian economies to appreciate that an economy today which is in excess of $4 trillion, which is growing at 6-8 per cent annually, it will create new demands for products, for services and even I would say in a way new demands out of more prosperous lifestyles,' EAM Jaishankar also stressed on the need to introduce greater sustainability and more predictability in economic interactions. 'That means more long-term contracts and arrangements, cross investments, joint ventures and certainly sectors like energy whether we are talking uranium, whether we are talking crude oil even potentially gas, whether we are looking at mining, If you are talking about coal or if you are discussing fertilizers, I think these are all relevant examples to reach really long term understatings between us,' the foreign minister trade and economic ties with Central Asia over the last decade have shown a very strong positive trend. Mutual trade was less than $500 million a decade ago in 2014. Today, 'what we have collectively is actually a trade volume which is almost touching $2 billion.
Hindustan Times
4 days ago
- Business
- Hindustan Times
India pitches closer security cooperation with Central Asian states
India on Friday appreciated the condemnation of the Pahalgam terror attack by the Central Asian states and said it is committed to expanding cooperation with the five countries in areas ranging from security to trade and regional connectivity. External affairs minister S Jaishankar, in his opening remarks at the India-Central Asia Dialogue, said India would be a 'trusted development partner' for Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan, providing community development projects under grants and offering training for professionals for different sectors. 'I appreciate that your countries stood by India and condemned the heinous terrorist attack that took place in April in Pahalgam,' he said in the televised remarks. India and the Central Asian states, he said, are committed to advancing mutually beneficial cooperation across all sectors, especially defence, security, trade and investment, agro-processing, pharmaceuticals, regional connectivity, education, and new and emerging technologies. This is the fourth edition of the India-Central Asia Dialogue, which was launched in 2019 to address common challenges such as security issues and to bolster trade, investments and connectivity. This year's meeting focused on trade, connectivity, technology and development cooperation, and the six foreign ministers also discussed challenges to regional security. Jaishankar noted that India remains a trusted development partner for the Central Asian states, offering training slots and scholarships and providing high impact community development projects under grants for socio-economic development. 'Such projects have included equipping schools with computers, and providing hospitals with medical equipment,' he said. India's cooperation with the Central Asian states got a boost after it was raised to the leaders' level as a virtual summit in January 2022, and there are now exchanges between the trade and culture ministers and national security advisers. 'Trade, economic and investment ties between us have strengthened significantly over the last decade. Today, we are well-connected by multiple direct flights,' Jaishankar said. 'Our enhanced connectivity facilitates greater two-way tourist flows and businesses. A large number of Indian students pursue higher education in your countries, strengthening the bond between us,' he said, adding that India and the Central Asian states have created a legal and institutional framework that provides a foundation for mutually beneficial cooperation. Ahead of the dialogue, the six foreign ministers participated in the India-Central Asia Business Council on Thursday to discuss ways to remove impediments to greater trade and investments. They also focused on cooperation in digital technologies, fintech and inter-bank relations.
Time of India
5 days ago
- Business
- Time of India
India, Central Asia to expand counter-terror, security ties
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India and Central Asian states on Thursday decided to widen counter-terror, trade and connectivity initiatives as external affairs minister S Jaishankar met Central Asian ministers here on the eve of the third India-Central Asia bilateral meetings with foreign ministers of Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan and Turkmenistan, there were detailed discussions on expanding security cooperation in the backdrop of Pahalgam terror attacks, besides boosting trade ties and connectivity Asian states of Uzbekistan, Tajikistan and Kyrgyzstan have been facing increasing threats from cross-border terror infrastructure in the Af-Pak addressing the India-Central Asia Business Council, Jaishankar said: "There is a need to diversify our trade baskets so that all of us have more options and we have more competition and in a way we are looking for new opportunities and I would like our friends from Central Asian economies to appreciate that an economy today which is in excess of $4 trillion dollars, which is growing at 6-8% annually, it will create new demands for products, for services...""I would certainly steps we could take to facilitate mutual settlement of trade in our national currencies," the minister said.
The Hindu
5 days ago
- Business
- The Hindu
More ‘resources and efforts' required to nurture India-Central Asia links: S. Jaishankar
More efforts and resources need to be invested in improving India's connectivity with Central Asia, said External Affairs Minister S. Jaishankar on Thursday (June 5, 2025), highlighting the need for intensifying trade through the port of Chabahar in Iran. Speaking at the India-Central Asia Business Council meeting ahead of the fourth India-Central Asia Dialogue that is scheduled for Friday (June 6, 2025), Mr. Jaishankar expressed support for 'mutual settlement of trade' in national currencies. 'We are discussing this under the Joint Working Group on Chabahar Port under the India-Central Asia platform,' said Mr. Jaishankar at the event organised by the Federation of Indian Chambers of Commerce & Industry (FICCI), referring to the requirements to energise the International North South Transport Corridor (INSTC), and greater use of Chabahar port to reduce travel distance and costs between India and Central Asia. Mr. Jaishankar spoke at the event, which was also addressed by Murat Nurtleu, Deputy Prime Minister and Foreign Minister of Kazakhstan; Sirojiddin Muhriddin, Foreign Minister of Tajikistan; Rashid Meredov, Foreign Minister of Turkmenistan; and Saidov Bakhtiyor Odilovich, Foreign Minister of Uzbekistan. At Friday's (June 6, 2025) dialogue, the Ministers are expected to discuss trade, connectivity, technology, and development cooperation. 'They will also share perspectives on challenges to regional security and other regional and global issues of mutual interest,' said the Ministry of External Affairs in an announcement regarding the Minister-level meeting. The Foreign Minister-level dialogue is being seen as significant as it comes a month after India conducted Operation Sindoor against terror targets in Pakistan and reached out to the Taliban administration in Afghanistan. Mr. Jaishankar further urged the business chambers to come up with ideas for enhancing bilateral ties between India and Central Asia ahead of a possible India-Central Asia leadership summit that he said could be held 'sometime in the not so distant future'. In the near future, Prime Minister Narendra Modi is expected to travel for the Shanghai Cooperation Organization (SCO) meet in Tianjin, China. The first India-Central Asia summit was held in virtual mode on January 27, 2022 when Mr. Modi had hosted the heads of governments of the Central Asian countries. The third meeting of the Foreign Ministers was held during December 18-20, 2021 in New Delhi. 'I would say closer engagements between our banks and financial sector will definitely strengthen our economic interaction. Some beginnings have been made in terms of opening of Special Rupee Vostro Accounts in Indian banks by Central Asian banks and there has also been some discussions about use of UPI [Unified Payment Interface]. I would certainly support that very strongly as also the steps we could take to facilitate mutual settlement of trade in our national currencies,' said Mr. Jaishankar. Mr. Jaishankar said India-Central Asia bilateral trade had touched $2 billion and added the figure did 'not reflect full potential'. 'The need to address this is today more urgent because of the uncertainties of the international economy,' he said. Suggesting a way forward, he said the two sides should 'deepen' existing trade links. Mr. Jaishankar picked the pharmaceuticals sector as an example as Central Asia is one of the largest markets of Indian pharma products. Mr. Jaishankar presented uranium, crude oil, gas, mining, coal, and fertilizers as areas where long-term understanding can be reached between India and Central Asia. 'India would be very happy to partner in platforms like Aadhaar, DigiLocker with our Central Asian partners... It will be of great help to our tourists and students,' said Mr. Jaishankar. Speaking at the event, Mr. Nurtleu said Kazakhstan is trying to intensify connectivity between the ports on the Caspian Sea coast and the port of Bandar Abbas in Iran.
India Gazette
5 days ago
- Politics
- India Gazette
Turkmenistan Foreign Minister Rashid Meredov arrives in Delhi to participate in India- Central Asia Dialogue
New Delhi [India], June 5 (ANI): Deputy Chairman of Cabinet of Ministers and the Minister of Foreign Affairs of Turkmenistan, Rashid Meredov, arrived in Delhi on Thursday to take part in Central Asia Dialogue and the meeting of India -Central Asia Business Council. Details of his arrival were also shared by the Spokesperson of the Ministry of External Affairs, Randhir Jaiswal, in a post on X. Earlier in the day, Tajik Foreign Minister Sirojiddin Muhriddin and Zheenbek Kulubaev, Foreign Minister of the Kyrgyz Republic also arrived in New Delhi to participate in the fourth India-Central Asia Dialogue. The India-Central Asia Dialogue, launched in Samarkand in 2019, is a key ministerial platform aimed at strengthening ties between India and the Central Asian countries - Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan. The earlier editions of the Dialogue have focused on regional security, counter-terrorism, connectivity, and economic cooperation. This year's meeting is expected to build on those priorities, with discussions on trade, infrastructure, technology, and joint development initiatives. India shares centuries-old cultural and historical connections with the Central Asian region. Buddhism spread from India through Tibet to Central Asia, leaving a spiritual legacy visible at key sites such as Kara Tepe, Fayaz Tepe, and Adzhina Tepe. Indian monks helped translate scriptures and establish monasteries across the region, forming the early basis of engagement. Prime Minister Narendra Modi's visit to all five Central Asian nations in 2015 gave a major boost to the India- Central Asia ties. His participation in successive Shanghai Cooperation Organisation summits in Tashkent, Bishkek, and Samarkand further reinforced India's outreach. The first India-Central Asia Summit, held virtually in January 2022 and attended by the Presidents of all five nations, led to the adoption of the Delhi Declaration, institutionalising biennial summits and regular ministerial dialogues. (ANI)
