External Affairs Minister S Jaishankar, on Monday, has raised with Russia India’s concern over the “trade imbalance” between the two countries, saying the issue needed to be addressed on an urgent basis.

“There are understandable concerns about trade imbalance and we need to work with our Russian counterparts to address this imbalance. We should be honest about short and medium-term challenges in business,” he said while addressing the India-Russia business dialogue organised by FICCI. Russian Deputy Prime Minister and Minister of Trade & Industry Denis Manturov also addressed the meeting.

Jaishankar underlined the importance of motivating businesses on both sides. “You can see that there are big changes going on like ‘Make in India’. We are determined to make India a global manufacturing hub. I want to emphasise the opportunity of ‘Make in India’ for Russia which is known for its technological strength,” he added.

“I would say that really what the future of our economic cooperation requires is the willingness and ability to look at it from the point of view of the other partner and then come up with solutions which will overcome the obstacles,” he said. Payments, logistics and certification were some of the key areas and it was possible to find solutions to them.

He said the two countries were discussing the importance of connectivity and the north-south and maritime corridors. There were discussions also on payment issues like International trade settlement in the Indian rupee, he noted.

Jaishankar said the India-Russia partnership today was a subject of attention and comment, not because it has changed but because it has not. ”We share a commitment to a multipolar world. Russia was looking towards Asia and for India, it could mean broadening of ties.

The Russian leader, on his part, said India and Russia were discussing proposals across various sectors. “We have allowed the import of original goods without the consent of the rights owners from unfriendly countries. We look forward to intensifying negotiations on a Free Trade Agreement (FTA) with India,” he added.

He said the two countries were also working on signing a Russia-India bilateral agreement for the promotion and protection of investments.