India and Russia Push for Trade in Local Currencies, Tackle Non-Tariff Barriers

India and Russia are actively discussing the use of local currencies for trade and the reduction of non-tariff barriers. During recent meetings, details about enhancing the rupee-rouble trade and addressing trade imbalance were discussed. Both countries aim to boost bilateral trade to USD 100 billion by 2030.

India and Russia are in talks to conduct trade using local currencies and to minimize non-tariff barriers, according to Commerce Secretary Sunil Barthwal. This initiative aims to strengthen bilateral trade relations.

Barthwal discussed these topics with Russian officials, including the Minister for Economic Development Maxim Reshetnikov, Deputy Minister of Industry and Trade Alexey Gruzdev, and Head of FSVPS Sergei Dankvert. Discussions emphasized facilitating rupee-rouble trade and reducing non-tariff measures impacting Indian exports to Russia.

India is also focusing on diversifying its export portfolio beyond petroleum products to balance trade discrepancies, with a current trade deficit of USD 57.1 billion. The nations aim to increase bilateral trade to USD 100 billion by 2030.

(With inputs from agencies.)