EAM Jaishankar Bats for Stronger India-Central Asia Trade Ties, Pushes for SRVAs, UPI, and Connectivity Projects

  • June 5, 2025, 11:08 p.m.

New Delhi — External Affairs Minister Dr. S. Jaishankar, speaking at the India-Central Asia Business Council meeting in Delhi, emphasized the need for deeper financial integration, enhanced trade mechanisms, and better connectivity to boost India’s engagement with Central Asia.

"Closer engagements between our banks and financial sector will definitely strengthen our economic interaction," Jaishankar stated. He noted that Special Rupee Vostro Accounts (SRVAs) have already been opened in Indian banks by some Central Asian counterparts, paving the way for smoother bilateral trade.

The minister also voiced strong support for the use of UPI (Unified Payments Interface) in the region, along with mutual trade settlement in national currencies, which he said would reduce dependency on third-party currencies and strengthen financial sovereignty.

On the critical issue of connectivity, Jaishankar said, "This has been a big obstacle," highlighting the need to improve both land and air links. He called for more investment in the International North–South Transport Corridor (INSTC) and greater use of the Chabahar Port, which he emphasized could significantly reduce travel distance and cost for goods movement between India and Central Asia.

The comments reflect India’s strategic aim to expand its trade footprint in the region, leveraging its digital infrastructure and geopolitical connectivity initiatives.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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