Russia-India Trade Flourishes with Ambitious Expansion Plans

During a visit to India, Russia's First Deputy Prime Minister Denis Manturov hailed the remarkable progress in bilateral trade, noting a fivefold increase over five years. He emphasized further growth potential and plans for a Free Trade Agreement to diversify trade and balance exchanges until 2030.

On Tuesday, Russia's First Deputy Prime Minister Denis Manturov commended the significant strides made in trade relations between Russia and India during his visit to New Delhi. These remarks were delivered at the 25th session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation, where Manturov highlighted the immense potential for further expanding bilateral trade.

Manturov emphasized Russia's strategy to enhance collaboration with India, remarking on the stable and positive trajectory over the past five years, which saw trade turnover grow by more than five times. He acknowledged India's position as a vital trade partner, ranking second among Russia's foreign economic partners.

The deputy prime minister noted the diversification in trade, mentioning traditional exports, including energy sources, and the growing sector of food exports like sunflower and soybean oil. Simultaneously, Russia imports industrial equipment, pharmaceutical products, and other goods from India. He emphasized plans to rectify trade imbalances and advance comprehensive cooperation by 2030, with a focus on key agreements including a Free Trade Agreement with the EEU and India.

(With inputs from agencies.)