India Targets Increase in Exports to Russia
19:53 15.07.2024 (Updated: 20:18 15.07.2024)
© Sputnik / Alexander Nemenov
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In the last two years, India's trade ties with Russia have mushroomed in leaps and bounds, with the two nations registering volumes of $65 billion in 2023.
India is targeting a significant rise in its exports to long-time strategic partner Russia, the Commerce Secretary Sunil Barthwal has said.
"When we are looking at Russia, we are looking at how both the countries can gain by better trade relationships. We are looking at various sets of commodities for example electronics, engineering goods and other items where there can be exports," he told reporters during a press conference in New Delhi on Monday.
Barthwal noted that the Government of India has urged the Russian authorities to remove non-tariff barriers on exports of seafood from the South Asian country.
Previously, India's just-retired Foreign Secretary Vinay Kwatra underlined that New Delhi was concerned about the growing imbalance in bilateral trade.
While Russia exported items worth more than $60 billion to India, the latter's supplies to the former stood at only $4 billion.
India's thrust on boosting its exports to Russia comes only days after Prime Minister Narendra Modi paid a visit to Moscow where he held wide-ranging consultations with Russian President Vladimir Putin, including finding ways to expand the economic cooperation between the two countries.
Following talks between Modi and Putin, the leaders issued a joint statement that highlighted the aim of India and Russia to eliminate non-tariff barriers to mutual trade.
Both states have set a target of $100 billion in bilateral trade by 2030.
Previously, India's just-retired Foreign Secretary Vinay Kwatra underlined that New Delhi was concerned about the growing imbalance in bilateral trade.
While Russia exported items worth more than $60 billion to India, the latter's supplies to the former stood at only $4 billion.
India's thrust on boosting its exports to Russia comes only days after Prime Minister Narendra Modi paid a visit to Moscow where he held wide-ranging consultations with Russian President Vladimir Putin, including finding ways to expand the economic cooperation between the two countries.
Following talks between Modi and Putin, the leaders issued a joint statement that highlighted the aim of India and Russia to eliminate non-tariff barriers to mutual trade.
Both states have set a target of $100 billion in bilateral trade by 2030.
