India looks for bigger market entry in Russia

(MENAFN) The Indian government is actively engaged in negotiations with Russia aimed at reducing non-tariff trade barriers to facilitate increased exports to the country, Commerce Secretary Sunil Barthwal announced on Monday.

In a statement to reporters, Barthwal emphasized India's goal of achieving a more balanced trade relationship with Russia, highlighting the recent agreement between leaders of both nations to target USD100 billion in bilateral trade by 2030. As of 2023, the trade volume stood at USD65 billion, with Indian exports to Russia amounting to only USD5 billion, predominantly comprising purchases of Russian oil, coal, and fertilizers at discounted rates.

"We are exploring opportunities across various sectors such as electronics, engineering goods, and other commodities to bolster trade," Barthwal stated, as reported by Business Standard. He underscored India's interest in sectors currently affected by Western sanctions imposed on Russia.

Barthwal further outlined India's efforts to address non-tariff barriers hindering Indian exports, particularly in sectors like marine products and pharmaceuticals, citing challenges related to certification in Russia. He confirmed that New Delhi has formally raised these concerns with Moscow and anticipates another delegation visit to Russia in the near future to advance discussions.

Following their summit in Moscow, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin discussed strategies to expand and diversify economic cooperation between the two nations. Putin's economic adviser Maksim Oreshkin highlighted the importance of exploring suitable payment mechanisms to facilitate smoother trade operations between India and Russia, underscoring the ongoing dialogue aimed at strengthening economic ties.

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