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8 Dec, 2023 12:39

Russia-India trade surpasses target set by Putin and Modi

Economic and strategic engagement with New Delhi is immune from sanctions and global turbulence, Moscow’s ambassador has said
Russia-India trade surpasses target set by Putin and Modi

The relationship between India and Russia has been flourishing despite a complicated geopolitical environment, underscoring the resilience of seven decades of diplomatic and economic cooperation, officials from both countries have stated at a business conference in New Delhi. 

Speaking on the occasion of the Russian Trade Representative Office in India celebrating its 70th anniversary, Moscow’s ambassador, Denis Alipov, noted that two countries’ partnership is immune from negative factors, such as sanctions and turbulent international environment.

We have successfully overdone the $50 billion target set by our countries’ leaders for 2030. Trade turnover has increased to $48.8 billion in the first 9 months of this year, and it will grow further,” he stated, noting “unprecedented dynamism” in the economic exchange between the regions and provinces of both countries.  

Deputy Head of the Russian Ministry of Industry and Trade Alexey Gruzdev, addressing the conference, hailed India’s economic and technological progress, noting that decades ago, Soviet-developed (and later Russian) technologies helped lay the foundations of India’s technological sovereignty. 

Today, the two nations are increasingly dealing in agriculture, energy, banking, finance, customs, transport, logistics, education and humanitarian areas, he said. Gruzdev emphasized that Indian companies are successfully exploring the niches in the Russian market opened up after Western companies withdrew following sanctions pressure. 

The speakers also added that top officials from both countries would discuss plans to expand economic ties in all areas at the upcoming meeting of the Russian-Indian Intergovernmental Commission (IPC) on trade, economic, scientific, technical and cultural cooperation, which is set to take place in the coming weeks. The meeting is expected to be chaired by Russian Deputy Prime Minister and Trade Minister Denis Manturov, and Indian Foreign Minister Subramanyam Jaishankar.

Manturov and Jaishnakar last met in April 2023 in the Indian capital, where the countries agreed to expedite the implementation of a national currencies trade mechanism to solve the issues impacting bilateral trade in the wake of US-led sanctions imposed on Russian financial and other sectors. At the meeting, Jaishankar highlighted the “Make in India” initiative, aimed at turning the country into a major global hub. He emphasized the opportunities for joint projects with Russian companies under the initiative. 

Russia’s trade mission in New Delhi traces its history to December 1953, when the first Trade Agreement between the governments of the USSR and India was signed. The mission has been instrumental in leveraging the potential of the economic ties between the two countries and boosting bilateral trade. 

According to mission officials quoted by TASS, the unprecedentedly high figures recorded this year for Russia’s export to India should be “harmonized” with the increasing imports from India to Russia in order to maintain a healthy trade balance and settle trade in national currencies more efficiently. “The trade mission is working closely with Indian export associations, trade councils and companies to stimulate Indian exports to Russia,” the mission said.

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