India and Russia plan to expand trade
16 July 2024 09:15
India is actively looking for ways to increase its exports to Russia following Prime Minister Narendra Modi ‘s recent visit to Moscow. This was reported by Reuters, according to "Komersant Ukrainian"
According to India’s commerce secretary Sunil Bartwal, the government is considering various options to boost exports, including encouraging trade in rupees and rubles, as well as asking Moscow to remove non-tariff barriers.
Although total trade between the two countries grew by a third year-on-year to $65.7bn in the last fiscal year, which ended in March, trade remains highly imbalanced. Russian exports to India totalled $61.43 billion, while Indian exports of pharmaceuticals, machinery and other goods to Russia remained almost unchanged.
India has asked Russia to consider changing some non-tariff barriers to Indian seafood exports. In addition, New Delhi plans to send a trade delegation to Russia to further discuss opportunities for cooperation.
During Modi’s visit to Russia last week, the two countries outlined nine key areas for closer cooperation, ranging from nuclear energy to healthcare. They also announced their intention to increase bilateral trade to $100 billion by 2030.
It is worth noting that Modi’s visit coincided with a missile attack on a children’s hospital in Kyiv, which resulted in numerous casualties. The Indian leader expressed his concern to Vladimir Putin, saying that the deaths of innocent children were painful and horrific. Russia has denied responsibility for the incident.
Washington has criticised New Delhi for maintaining close ties with Moscow. A US State Department spokesperson said that they have made clear their concerns about India’s relations with Russia.
