https://sputniknews.in/20221222/india-russia-see-huge-surge-in-trade-russian-ambassador-says-199326.html
India, Russia See Huge Surge in Trade, Russian Ambassador Says
India, Russia See Huge Surge in Trade, Russian Ambassador Says
Sputnik India
India and Russia have registered a record jump in bilateral trade, reaching $27 billion in the first ten months of this year despite western sanctions.
2022-12-22T23:34+0530
2022-12-22T23:34+0530
2022-12-22T23:34+0530
indo-russian relations
india
russia
trade in national currencies
narendra modi
vladimir putin
russian oil
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Russia sees great potential for economic cooperation with India, particularly in the start-up and business-to-business sectors, Russian Ambassador to New Delhi Denis Alipov said on Thursday.Speaking at the Russia-India Business Dialogue 2022 forum, Alipov highlighted the focus of both governments on "debugging payments, as well as logistics routes," and emphasized the importance of projects such as the International North-South Transport Corridor and the Vladivostok-Chennai sea corridor in solving such problems.“We’re seeing a huge surge of interest from businesses - both large and small. Remarkably, provinces play an important role in the bilateral economic cooperation,” the ambassador underlined.After Western sanctions imposed in response to Russia's military operation in Ukraine, the demand for consumer durables, pharmaceuticals, tea, and coffee have increased in Russia. India has increased its imports of oil, coal, and fertilizers, making Russia one of New Delhi's top three exporting countries this year.Russian Ambassador Alipov also called for the signing of an investment protection agreement between the two countries, the elimination of non-tariff barriers, increased customs cooperation, and the implementation of free trade agreements in the EAEU-India format in order to "instill additional confidence in business.""We need a modern infrastructure that meets the needs of the time for interaction between enterprises, which can include both sectoral and interregional chambers of commerce and industry," Alipov noted.Indian and Russian banks have established special accounts to facilitate bilateral payments in the Indian rupee. In addition, data shows that between April and October of this year, India imported approximately $21 billion worth of oil from Russia, representing a 727% increase compared to the same period in 2021.
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bilateral trade in indian rupees, russian oil imports by india, russian oil,
bilateral trade in indian rupees, russian oil imports by india, russian oil,
India, Russia See Huge Surge in Trade, Russian Ambassador Says
India and Russia have registered a record jump in bilateral trade, reaching $27 billion in the first 10 months of this year, despite Western sanctions.
Russia sees great potential for economic cooperation with India, particularly in the start-up and business-to-business sectors, Russian Ambassador to New Delhi Denis Alipov said on Thursday.
Speaking at the Russia-India Business Dialogue 2022 forum, Alipov highlighted the focus of both governments on "debugging payments, as well as logistics routes," and emphasized the importance of projects such as the International North-South Transport Corridor and the Vladivostok-Chennai sea corridor in solving such problems.
“We’re seeing a huge surge of interest from businesses - both large and small. Remarkably, provinces play an important role in the bilateral economic cooperation,” the ambassador underlined.
After Western sanctions imposed in response to Russia's military operation in Ukraine, the demand for consumer durables, pharmaceuticals, tea, and coffee have increased in Russia.
India has increased its
imports of oil, coal, and fertilizers, making Russia one of New Delhi's top three exporting countries this year.
Russian Ambassador Alipov also called for the signing of an investment protection agreement between the two countries, the elimination of non-tariff barriers, increased customs cooperation, and the implementation of free trade agreements in the EAEU-India format in order to "instill additional confidence in business."
"We need a modern infrastructure that meets the needs of the time for interaction between enterprises, which can include both sectoral and interregional chambers of commerce and industry," Alipov noted.
Indian and Russian banks have established special accounts to facilitate bilateral payments in the Indian rupee. In addition, data shows that between April and October of this year, India imported approximately $21 billion worth of oil from Russia, representing a 727% increase compared to the same period in 2021.
