New Delhi is actively engaged in discussions with Moscow to address non-tariff trade barriers faced by Indian exporters. Commerce Secretary Sunil Barthwal revealed that the Indian government aims to enhance exports to Russia by ensuring a balanced trade relationship between the two countries.
Despite a target of $100 billion in trade by 2030 set by the leaders of India and Russia, current figures stand at $65 billion, with only $5 billion coming from Indian exports to Russia. The majority of transactions consist of Indian imports of Russian oil, coal, and fertilizers at discounted rates.
Barthwal highlighted the focus on exploring trade opportunities in sectors such as electronics, engineering goods, and commodities subject to Western sanctions. Additionally, efforts are underway to address non-tariff barriers for Indian exporters in areas like marine products and pharmaceuticals.
Both nations have signed agreements to promote investment, enhance economic cooperation, and explore the possibility of a Free Trade Agreement covering goods. Despite geopolitical tensions, India continues to prioritize its strategic ties with Russia as part of its global engagement.
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