FM: India, Russia Trade To Reach USD 100 Bln By 2030

(MENAFN- Kuwait News Agency (KUNA)) NEW DELHI, Nov 11 (KUNA) -- Indian External Affairs Minister S. Jaishankar said on Monday that bilateral trade between India and Russia will grow to USD 100 billion by 2030 from the current USD 66 billion.
Addressing the India-Russia Business Forum in the financial capital Mumbai, attended by First Deputy Prime Minister of Russia Denis Manturov, Jaishankar underlined the important role that bilateral trade plays in strengthening cooperation between the two countries.
He underlined that India-Russia Business Forum is convened to discuss and explore new business opportunities between India and Russia.
This meeting will further take the advancement made during the recent high level meetings including Annual Summit between Prime Minister Narendra Modi and Russian President Vladimir Putin in Moscow and meeting on the sidelines of BRICS Summit in Kazan which gave strategic direction to the ties.
He also appealed to take the larger international setting into consideration when bilateral cooperation between India and Russia is discussed.
"The world is moving towards ever greater multi-polarity and devising appropriate methods of cooperation is essential if we are to keep up. Moreover, Russia has consciously focused more deeply on Asia since 2022. This has created many more avenues of cooperation," Jaishankar said.
He also pointed out to the strong convergence and deep friendship between the two sides adding "two economies are so complementary is also a key consideration."
"A partnership between an India that has an 8 percent growth rate for multiple decades ahead, and a Russia that is a key natural resources provider and a major technology leader, will serve both of them and the world well," he stressed.
The Indian minister pointed out to the urgency in redressing the balance of trade. "It is imperative that non-tariff barriers and regulatory impediments are speedily addressed for this to happen," he told the India-Russia Business Forum participants.
He urged to take forward vigorously the India-Eurasian Economic Union trade in goods negotiations commenced in March this year. He underlined the need to expedite negotiations on the Bilateral Investment Treaty adding the first ever bilateral Investment Forum took place in Moscow in April 2024.
"Mutual settlement of trade in national currencies is of great importance, especially in the current circumstances. Special Rupee Vostro Accounts are right now an effective mechanism.
However, even in the short run, a better trade balance with national currency settlements is the answer," the Indian minister said.
He also underlined the importance of further deepening cooperation between customs authorities and speed up connectivity initiatives. Jaishankar stated that the non-economic domains, such as education and film are also can contribute to a larger societal and economic connect.
"I am sure you would agree that the business community in both countries would note and appreciate the strong direction given by the governments to take forward our trade and investment ties. It is natural that there would be concerns, such as banking and payment related issues, logistical challenges like shipping, insurance and reinsurance as well as market access. Obviously, we have to find solutions that work to the comfort level of those actually involved in trade," he said.
Both Jaishankar and First Deputy Prime Minister of Russia Denis Manturov are scheduled to participate in the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation in New Delhi tomorrow. (end)
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