Russia provides for Indian exporters bigger market access
Date
9/23/2024 8:23:49 AM
(MENAFN) The Russian government is actively working to eliminate non-tariff barriers that have been limiting the import of agricultural products and food items from India, officials in New Delhi reported to RT. During the World Food Moscow trade fair this week, representatives from the Agricultural and Processed Food Products Export Development Authority (APEDA), a key agency under the Indian Ministry of Commerce, highlighted the potential for Indian exporters in the Russian market.
The officials emphasized that Russia presents numerous opportunities for Indian goods across various categories, including whole grains, pulses, millets, processed foods, spices, and fruits. To enhance trade relations, both countries are focusing on resolving issues related to food sanitation standards and logistical challenges.
“There is significant scope for agricultural and food exports in the Russian market,” stated an APEDA representative. “The Russian government is facilitating market access for Indian companies, demonstrating its support.” The representative also underscored India’s reputation as a reliable supplier with stringent quality controls, noting the substantial growth of the country’s food processing sector.
Agriculture has become a vital area of cooperation between New Delhi and Moscow, especially as both nations seek to expand and diversify their trade relationship. Last financial year, bilateral trade exceeded USD65 billion, primarily driven by India's increased oil purchases from Russia. Earlier this year, the two countries set an ambitious target of reaching USD100 billion in bilateral trade by 2030.
India currently ranks eighth globally in agricultural exports, holding a 2.35 percent market share and achieving approximately USD48.76 billion in agricultural exports in the 2023-24 period. Major export destinations include the United States, China, and the United Arab Emirates, yet exports to Russia amounted to only USD340.07 million, with key products such as guar gum, non-basmati rice, buffalo meat, and a variety of processed foods leading the way.
The concerted efforts to improve trade dynamics between India and Russia signal a promising future for Indian agricultural exporters, as both nations work toward enhancing their economic collaboration and fulfilling ambitious trade goals.
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