NEW DELHI: India is seeking to enhance its trade relations with Russia by advocating for rupee-rouble trade and the removal of non-tariff barriers, according to a senior government official.
This announcement follows Prime Minister Narendra Modi’s recent trip to Russia, during which discussions primarily centered on improving the trade partnership. Both nations have set a bilateral trade goal of $100 billion by 2030.
During a press conference, Commerce Secretary Sunil Barthwal mentioned that the Indian government has requested Russia to review certain non-tariff barriers affecting Indian marine food product exports.
Additionally, India is promoting rupee-rouble trade, which has not gained traction yet. Barthwal also mentioned plans to send a trade delegation, however he did not provide further information.
While addressing the media, Barthwal highlighted the mutual benefits that could result from enhancing trade ties between India and Russia. He highlighted the exploration of potential trade opportunities in sectors such as electronics, engineering goods, and other commodities for export.
“When we are looking at Russia, we are looking at how both the countries can benefit from better trade relationships. We are looking at different sets of commodities like electronics, engineering goods and other items where there can be exports,” Barthwal said.
The landscape of India-Russia trade has been imbalanced since the beginning of the Ukraine conflict in 2022. While Russia has emerged as India’s leading oil provider, Indian exports to Russia have faced challenges, leading to a substantial $57 billion trade deficit in the bilateral trade valued at $66 billion in the fiscal year 2024. This disparity underscores the need for strategic measures to address and rectify the trade imbalance between the two countries.