https://sputniknews.in/20240814/russian-aluminum-exports-to-india-expected-to-increase-11-percent-after-free-trade-agreement-8014947.html
Russian Aluminum Exports to India Expected to Increase 11 Percent After Free Trade Agreement
Russian Aluminum Exports to India Expected to Increase 11 Percent After Free Trade Agreement
Sputnik India
Russia's Aluminum exports to India are set to rise by 11 percent following the signing of the India-Eurasian Economic Union (EAEU) Free Trade Agreement (FTA), a study conducted by the All-Russian Academy of Foreign Trade, has found.
2024-08-14T23:38+0530
2024-08-14T23:38+0530
2024-08-14T23:38+0530
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Russia's aluminum exports to India are expected to rise by 11 percent following the signing of the India-Eurasian Economic Union (EAEU) Free Trade Agreement (FTA), a study conducted by the All-Russian Academy of Foreign Trade, has found.It further stated that this FTA will provide Russian aluminum preferential terms of access to the Indian market. This would include zero import duties on all products made of aluminum.Notably, India levies an import duty of 7.5 percent on primary aluminum products at present.It will also lead to a reduction in trade imbalance with India and increase mutual turnover in national currencies.From January to May this year, Russia supplied 9,500 tonnes of aluminum worth $23.48 million to India.Last year, these figures stood at 20,200 tonnes, estimated to be valued at $50.2 million.
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Russian Aluminum Exports to India Expected to Increase 11 Percent After Free Trade Agreement
Russia-India trade touched the $65 billion mark over the last financial year, making Moscow India's fourth-largest trading partner behind China, the US, and the UAE.
Russia's aluminum exports to India are expected to rise by 11 percent following the signing of the India-Eurasian Economic Union (EAEU) Free Trade Agreement (FTA), a study conducted by the All-Russian Academy of Foreign Trade, has found.
"Industrial sectors for which an increase in exports from Russia to India was revealed as a result of the formation of the India-EAEU FTA... Aluminum and products made from it - 11%," the report noted.
It further stated that this FTA will provide Russian aluminum preferential terms of access to the Indian market. This would include zero import duties on all products made of aluminum.
Notably, India levies an import duty of 7.5 percent on primary aluminum products at present.
It will also lead to a
reduction in trade imbalance with India and
increase mutual turnover in national currencies.
From January to May this year, Russia supplied 9,500 tonnes of aluminum worth $23.48 million to India.
Last year, these figures stood at 20,200 tonnes, estimated to be valued at $50.2 million.
