New Delhi, India and Russia are discussing keeping trade in local currencies and reducing non-tariff barriers by Moscow to boost bilateral trade, Commerce Secretary Sunil Barthwal said on Wednesday.
The secretary raised these issues during his meetings with the Russian Minister of Economic Development, Maxim Reshetnikov; the Deputy Minister of Industry and Trade of Russia, Alexey Gruzdev; Head of the FSVPS (Federal Veterinary and Phytosanitary Supervision Service) Sergei Dankvert of the Russian Federation last month.
"We discussed many issues to improve trade between India and Russia. We also discussed how to facilitate trade between rupees and rubles, how non-tariff measures are impacting our trade and how they should be reduced," he told reporters here.
He added that Russia has started working to remove barriers. Indian export sectors such as meat and pharmaceuticals are facing problems in Russia.
India, Barthwal said, also discussed diversifying trade beyond petroleum products.
"We expect even in non-oil trade there will be a good improvement in volumes," he said.
In addition, the secretary said that balancing bilateral trade is key currently since there is a trade imbalance.
"Rupee-ruble trade will also be affected only when there is a greater trade balance," he said, adding that more than 53 vostro accounts have been opened.
The meetings with Russia are important as both countries seek to increase bilateral trade to $100 billion by 2030.
India is focusing on various sectors such as electronics, besides addressing non-trade barrier issues in areas such as shrimp and pharmaceuticals, to boost exports to sanctions-hit Russia and move towards achieving this goal.
Currently, bilateral trade amounts to about 67 billion dollars.
India's exports to Russia stood at $4.3 billion in 2023-24, while imports were $61.4 billion, driven by crude oil. The trade deficit was $57.1 billion. The share of crude oil and petroleum products in imports was 88 percent.
The secretary raised these issues during his meetings with the Russian Minister of Economic Development, Maxim Reshetnikov; the Deputy Minister of Industry and Trade of Russia, Alexey Gruzdev; Head of the FSVPS (Federal Veterinary and Phytosanitary Supervision Service) Sergei Dankvert of the Russian Federation last month.
"We discussed many issues to improve trade between India and Russia. We also discussed how to facilitate trade between rupees and rubles, how non-tariff measures are impacting our trade and how they should be reduced," he told reporters here.
He added that Russia has started working to remove barriers. Indian export sectors such as meat and pharmaceuticals are facing problems in Russia.
India, Barthwal said, also discussed diversifying trade beyond petroleum products.
"We expect even in non-oil trade there will be a good improvement in volumes," he said.
In addition, the secretary said that balancing bilateral trade is key currently since there is a trade imbalance.
"Rupee-ruble trade will also be affected only when there is a greater trade balance," he said, adding that more than 53 vostro accounts have been opened.
The meetings with Russia are important as both countries seek to increase bilateral trade to $100 billion by 2030.
India is focusing on various sectors such as electronics, besides addressing non-trade barrier issues in areas such as shrimp and pharmaceuticals, to boost exports to sanctions-hit Russia and move towards achieving this goal.
Currently, bilateral trade amounts to about 67 billion dollars.
India's exports to Russia stood at $4.3 billion in 2023-24, while imports were $61.4 billion, driven by crude oil. The trade deficit was $57.1 billion. The share of crude oil and petroleum products in imports was 88 percent.
