During the meeting, External Affairs Minister S. Jaishankar underlined that the current moment’s sensitivity calls for restoring the balance of India-Russian trade, including eliminating non-tariff barriers and improving the regulatory framework.
Addressing the India-Russia Business Forum in Mumbai on Monday, Jaishankar observed that. In contrast, the bilateral trade turnover between India and Russia is roughly $66 billion now; Indian exports constitute barely 8-9 percent of this, he said.
Jaishankar urged for expanding response to each or substantially of the diverse concerns affecting international commerce, including banking and payment, logistics, insurance, and restricted market access problems. He argued that these challenges need to be tackled in the shortest time possible to strengthen the balance of trade relations.
The external affairs minister also mentioned the need to control over and accelerate the tapering of the proposed Free Trade Agreement with India and the Eurasian Economic Union, which would also ease the functioning of trade between the two. Besides, he said there is a need to advance the discussions on the proposed bilateral investment treaty.
The annual trade between the two nations is expected to be boosted to $100 billion by 2030, and, according to Jaishankar, it could be easily achieved. With the two nations having achieved a $30 billion bilateral trade before the envisaged year 2025, Jaishankar identified skewed exports as a challenge for India, contributing only slightly over $ 4 billion in the current FY 2023-24.
During the meeting, both Jaishankar and Russia’s First Deputy Prime Minister Denis Manturov stressed the importance of cooperation in tackling all the challenges that exist at the present moment. The improvement of these problems is needed to reach a volume of $100 billion and to make the trade balance more balanced between the two nations.
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