(MENAFN- KNN India)
New Delhi, Jul 16 (KNN) In a strategic move to bolster economic ties with Russia amid Western sanctions, India is intensifying efforts to achieve an ambitious USD 100 billion annual bilateral trade target by 2030.
Commerce Secretary Sunil Barthwal revealed on Monday that India is adopting a multifaceted approach, focusing on key sectors such as Electronics and addressing non-tariff barriers to boost exports to the sanction-hit nation.
The announcement comes in the wake of the recent summit between Prime Minister Narendra Modi and Russian President Vladimir Putin, with an Indian delegation expected to visit Russia for follow-up discussions. "We are focusing on different sectors.
There are non-tariff barriers (NTBs), which we have asked Russia to look into," Barthwal stated, emphasising the pursuit of greater market access for Indian goods in Russia.
Currently, bilateral trade stands at approximately USD 67 billion, with India aiming to significantly increase this figure. The Commerce Secretary highlighted specific areas of focus, including electronics, engineering products, and other commodities where export potential exists.
However, Indian marine and pharmaceutical exporters face certification challenges in the Russian market, which are being addressed.
India is also strategically positioning itself to fill the void left by Western sanctions on Russia. "We are also looking at rupee-rouble trade... so, it is a twin strategy on which we are working," Barthwal explained, indicating efforts to develop a robust bilateral payment settlement mechanism using national currencies.
The trade imbalance between the two nations is notable, with India's exports to Russia in 2023-24 standing at USD 4.26 billion, while imports, primarily driven by crude oil, reached USD 61.43 billion.
Major Indian exports include electrical machinery, pharmaceuticals, and chemicals, while Russia primarily supplies oil, petroleum products, and fertilizers to India.
As geopolitical dynamics continue to evolve, this strategic push by India to enhance trade relations with Russia could have significant implications for global trade patterns and economic alignments.
The success of these initiatives will be closely watched by international observers in the coming years.
(KNN Bureau)
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